Circle Oil Concludes Seismic Work in Morocco

Circle Oil announced the successful completion of the 2D and 3D seismic acquisition program in the Lalla Mimouna and Sebou permits in the Rharb Basin, Morocco.

A total of 154 square kilometers of 3D seismic data with a 12.5 meter bin size were acquired. In addition, 22 line kilometers of 2D seismic data were acquired in the Sebou block. The data was acquired by Prospectuini SA.

Acquisition parameters and shooting techniques were similar to those which were employed very effectively in the previous 2D/3D survey, completed in the Sebou permit in 2007/2008, which generated the targets for the highly successful drilling programs undertaken in 2008/09 and 2010/11, during which 10 successful wells were drilled.

Processing of the acquired data has now commenced and preliminary results indicate the presence of both expected and a number of additional potential targets for drilling, subject to further interpretation, in the forthcoming drilling campaigns in the Rharb permits. The interpretation of the data is expected to be completed by the end of the first half of 2012.

Circle, through its wholly owned subsidiary, Circle Oil Maroc Ltd. holds a 75% interest in the Sebou and Lalla Mimouna Permit Concessions with the remaining 25% held by Office National des Hydrocarbures et des Mines (ONHYM).

Prof C D Green, CEO, said, "The successful completion of the Lalla Mimouna and Sebou seismic survey acquisition, together with the recent completion of the construction of new infrastructure maintains our momentum in the Rharb Basin. We will make further announcements on the prospects once the data has been fully processed and interpreted."