Circle Oil Announces Tunisia Drilling Contract
Following the announcement on 16 April 2007 that Circle Oil plc had entered into a farm-in agreement with Exxoil S.A. on two of Exxoil's licenses in Tunisia, Circle said that a contract has been signed between Exxoil, the operator of the exploration program, and Oil Field Services Company for the drilling of two onshore wells.
The first well is scheduled to spud in July/August on the Zita prospect (Ras Mamour Permit) with spudding of the Serdouk prospect (Grombalia Pemit) planned for before the year end. Oil Field Services will use its Franks Cabot 900 rig to carry out the drilling.
Commenting on this news David Hough, CEO of Circle Oil, said:
"The signing of this contract is an important step forward for Circle as both these Tunisian prospects have the potential to provide Circle with early production and cash flow. The start up of this contract will mark the beginning of Circle's aggressive 2 year drilling program whereby at least 9 wells will be drilled on its licenses in Tunisia and Morocco."
Circle Oil plc is an Irish oil & gas exploration, development and production company with a growing portfolio of assets in Morocco, Tunisia, Namibia, Oman and Panama.
Operates 16 Offshore Rigs
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