Circle Oil Updates on Egypt Ops

Circle Oil announced that the Al-Amir SE-6X down-dip flank appraisal well has completed coring and logging the oil-bearing Upper Shagar and Lower Rahmi Kareem Sandstones and has now reached a target depth of 13,900ft in the Lower Rudeis.

While drilling toward the secondary deeper objective of the Nubia Sandstones, some significant gas shows were recorded and for the safety of well integrity, it was decided to terminate the drilling of the well in the Lower Rudeis and run a 5" liner. Testing of the well is now planned. Once the well is tested and evaluated, a further announcement concerning the results of the well will be made.

The NW Gemsa Concession, containing the Al-Amir and Geyad Development Leases, covering an area of over 264 square kilometers, lies about 300 kilometers southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. The concession agreement includes the right of conversion to a production license of 20 years, plus extensions, in the event of commercial discoveries. The North West Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).

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