Circle Oil Hooked up the AASE-19 Well as a Shagar Producer

Circle Oil Plc, the international oil and gas exploration, development and Production Company, is pleased to announce the following operating update.

Egypt
Al Amir SE Field (AASE) and the Geyad Field:
The AASE-19 well has now been hooked up as a Shagar producer and was producing at a rate of 517 bopd gross and 0.397 MMscf/d on 14 March, the first full 24 hours of production. The rig has moved to drill the infill AASE-21 well located about 1,000 metres south-east of the AASE-4 well and 800 metres north-west of the AASE-1X well to appraise both the Shagar and Rahmi sands for production.

Current gross daily production from the AASE and the Geyad Field continues at approximately 11,200 bopd and 11 MMscf/d.

Following completion of the current AASE-21 well, the rig is planned to move on to drill an infill support injector well in the north central part of the field prior to release on sub contract. In parallel, reservoir-engineering studies are being advanced to develop a dynamic reservoir model to assess reservoir behaviour for the future. This will provide the necessary interactive picture for the effective and efficient management of the two producing fields going forward. This period of reservoir management study will also permit the planning of any future infill drilling both for producers and injectors to maximize reserve recovery for the medium and long term.

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