Circle Oil Confirms Gas Discovery in Morocco's Sebou Permit

Circle Oil announced that the CGD-10 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Morocco.

The Company confirms a discovery in the Lower Guebbas Sequence with the well testing gas at a sustained rate of 3.9MMscfd from the primary target using a 24/64 inch choke. The perforated interval of 889.3 to 897 meters has a calculated net gas pay of 3.3 meters.

The secondary target between 847.5 to 854.5 meters has a calculated net gas pay of 2 meters but testing of this interval will be carried out at a later date. The well is being completed as a potential producer.

A full technical evaluation of all the results of the well is under way. This will allow for forward planning as a precursor to further assessment of the resource, including conducting an extended well test to give a more complete estimation of the reserves.

The drilling rig will now move to commence drilling the last well of the planned six well drilling program in the area.

The Sebou permit lies to the north-east of Rabat in the Rharb Basin in Morocco. The Rharb Basin is a foredeep basin located in the external zone of the Rif Folded belt. The concession agreement, in which Circle has a 75% share and ONHYM, the Moroccan State oil company, has a 25% share, includes the right of conversion to a production license of 25 years, plus extensions in the event of commercial discoveries.

David Hough, CEO of Circle, said, "We continue to enjoy drilling success in the Rharb and again we must thank our technical staff for their professionalism in achieving yet another discovery. Having drilled five of the six planned wells and had four discoveries and very good indications of gas in DRJ-6 well which is to be tested later, we are certainly achieving the results we had hoped for. As we move to our sixth and final well, we look forward to turning this success into revenue for the Company."


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