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Circle Updates the Operations in Egypt

Source: www.gulfoilandgas.com 7/23/2012, Location: Egypt

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Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field ("AASE") and the Geyad field.

AASE-12X ST 1 Well
Development well AASE-12X was spudded on 25 April 2012 and is located in the south- central part of the AASE field, updip of the Al Ola-1X producer. The well's objective was to appraise both the Shagar and Rahmi sands production in that location. The well reached a TD of 10,200 ft MD before being sidetracked to the north-east, for geological reasons, as AASE-12X ST1 and was then successfully drilled to a total depth of 10,300 ft MD into the base Kareem. The well encountered 15.5 ft of net pay in the Kareem Shagar sand, with oil bearing sands present to the base of the reservoir. The well has been completed as a Shagar sand producer and has been perforated in the interval 9,669 to 9,684.5 ft MD and flowed oil and gas on test at an average rate of 2,595 bopd and 4.7 MMscf/d respectively, on a 48/64" choke. The well has now been placed on production at an initial flow rate of 1,038 bopd using a 28/64" choke.

Al Ola-3 Well
Following the successful completion of the AASE-12X ST1 well, the rig has been mobilised to drill the appraisal/injection well Al Ola-3, in the southern part of the AASE field. The well is expected to be an injector well targeting the Kareem sands, located to the south of Al Ola-1 and Al Ola-2 wells.

Production
Currently production from the AASE, Geyad and Al Ola fields is approximately 9,300 bopd (gross). Cumulative production from the NW Gemsa Concession has now exceeded 8.6 million barrels of 42 degree API Crude oil.

The NW Gemsa Concession, containing the Al Amir, Geyad and Al Ola Development Leases, covering an area of over 260 square kilometres, lies approximately 300 kilometres south-east of Cairo in a partially unexplored area of the Gulf of Suez Basin.

In the event of commercial discoveries, the concession agreement includes the right of conversion to a production licence of 20 years plus extensions. 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).

Prof Chris Green, CEO, said
"Circle is pleased with the results of the AASE-12X ST1 well, which has been completed as a Shagar sand producer with good initial flow. This well result further proves up the south central part of the AASE field and will add to the production rate and ultimate recovery from the field. The rig has now being moved to drill the Al Ola-3 well, which is intended as a southern water injector for the AASE field and is part of the overall plan to improve the productivity of the NW Gemsa accumulations."

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