Circle Oil Highlights 1Q10 Results

Circle Oil announced its results for the year ended December 31, 2009.












  • Circle has further delivered on its promise as both an explorer and producer of oil and gas with oil production commencing and increasing though the year in Egypt and gas production continuing in Morocco.
  • Four appraisal wells have been completed in Egypt and three exploration wells have been completed in Morocco. All wells have intersected hydrocarbons of which seven have already proved commercial with the eighth in Morocco remaining to be tested.
  • Excellent drilling results bear continuing testimony to the skill and efforts of our technical team.
  • 3D seismic acquisition survey underway in Oman Block 49.
  • 2D seismic acquisition program was completed in the offshore Tunisia, Mahdia license and also in the onshore Tunisia, Ras Mamour license.
  • New onshore licenses were acquired in Morocco in early 2010.
  • First revenues from oil and gas production in Egypt and Morocco
  • Total current assets of US $36.2 million: Total assets of the Group in excess of US $132 million


Thomas Anderson, Chairman of Circle, said, "In 2010 Circle is continuing with its exploration and production programs with further drilling in Egypt through additional appraisal wells and the likely commencement of injector support drilling. In Morocco, we will commence another drilling program and proceed to install a new trunk line to permit increased production. As our oil production increases we are considering how best to lock in the prevailing high price of oil in light of current world economic indicators.


"I said in last year's annual report that I was looking to the future with confidence and enthusiasm and am even more convinced today that Circle can deliver on its promise of accelerated growth."