Circle Oil All Smiles over AASE Well

Circle Oil Plc announced the following update regarding the Al Amir SE Field ("AASE") and the Geyad field.

AASE-11X ST 1 Well

Appraisal well AASE-11X ST 1 was spudded on February 5, 2012 and is located on the north western flank of the AASE field, updip of the AASE-7X water injector. The well's objective was to appraise both the Shagar and Rahmi sands for injection/production in that location. The well reached a TD of 9,600 feet MD before being sidetracked to the south for geological reasons and was then successfully drilled to a total depth of 11,160 feet MD into the base Kareem. The well encountered 42 ft of net pay in the Kareem Shagar sand and 22 feet in the underlying Rahmi sand with oil bearing sands present to the base of the reservoir. The completion for the well as a Shagar sand producer has been installed and the Shagar zone perforated in the interval 10,730-10,780 feet and flowed oil and gas on test at an average rate of 3,500 bopd and 2.64 MMscf/d respectively, on a 64/64" choke. The well has now been placed on production at an initial flow rate of 1,635 bopd using a 32/64" choke.

AASE-12X Well

Following the successful completion of the AASE-11X ST1 well, the rig has been mobilized to drill the appraisal well AASE-12X, which is located in the south central part of the AASE field. The well is expected to be an infill Kareem sand producer, located midway between AASE-5X and Al Ola-1 wells.The well was spudded on April 25, 2012 and is currently drilling ahead at 2,000 feet in the Zeit Formation towards a total depth of 9,800 feet MD in the Upper Rudeis.


Production from the AASE and Geyad fields averaged 8,264 bopd (gross) through March 2012 and following connection of the latest well AASE-11X ST 1, has risen to 10,000 bopd. Cumulative production from the NW Gemsa Concession has now exceeded 7.9 million barrels of 42 degree API Crude oil.

The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 100 square miles (260 square kilometers), lies about 186 miles (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 licence of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest) and Sea Dragon Energy (10% interest).

"Circle is very pleased that the AASE-11X ST1 well has been completed as a Shagar sand producer with good initial flow. This well result further proves up the north western flank of the AASE field. The rig has now being moved to drill the AASE-12X well, which is intended as an infill producer for the AASE field, as part of the overall plan to improve the productivity of the NW Gemsa accumulations," CEO Prof. Chris Green said. 


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