Circle Oil Carries Out Coring Operations in Egypt

Circle Oil announced that the Al-Amir SE-6X down-dip flank appraisal well has commenced coring the objective Kareem Sandstones in the Al-Amir Development Lease in the onshore North West Gemsa Concession in Egypt.

This well is being drilled to delineate the Oil Water Contact, which is required for technical reasons. A high pressure zone with some oil and gas shows had been encountered in the shallower South Gharib section of the well and intermediate casing was run and cemented for safe practice to drill ahead to the objective Kareem section. The Al Amir SE-6X well is also planned to drill deeper to a secondary target of the Nubia Sandstones. Once the well is logged 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 260 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).