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Circle Announced Results of Year 2011 in Egypt
Source: www.gulfoilandgas.com 6/7/2012

Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce its results for the year ended 31 December 2011.

Great progress has been made on our NW Gemsa block with the drilling of additional producers and three water injectors to support the level of productivity and increase reserves. Pressure increase in the producers has already been recorded and the effect of the injection on recoverability has played an important part in the increase in reserves for the NW Gemsa oil fields.

The process of replacing the original rental facilities with permanent wholly owned facilities is well underway. As part of the new facilities an 8 inch oil pipeline has been constructed, removing the need for the Company to truck its oil, and the 16 km 12 inch gas pipeline to the Suco terminal at Zeit Bay will be tied in by late 2012. These new facilities will mean more efficient production and the capture of the income stream from the gas and the associated liquids, which will result in increased revenue and profitability.

The 2012 NW Gemsa 2P reserves compiled by Bayphase have increased by 34% to 48 MMboe over the 2011 figure of 35.9 MMboe compiled by RPS. This is due largely to the establishment of a deeper oil-water contact (more oil originally in place) and improved recovery efficiency. Gross oil production from the commencement of operations in early 2009 through end of December 2011 was 6.95 MMbo. Current production (as at early May 2012) has reached c. 10,000 bopd (gross).

The appointment of an experienced and well respected country manager and establishment of a fully staffed Egyptian country office is regarded as a significant demonstration of our commitment and belief in the future upside for Egypt as it develops over the next period.

While the management of Egyptian receivables has been a particular area of concern and focus, we are pleased to note that we have been receiving weekly payments for the past six months from EGPC in Egypt.


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