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2010 Egyptian Drilling Update Made by Circle Oil

Source: www.gulfoilandgas.com 6/20/2011, Location: Africa

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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 2010.

In Egypt, the Company continued with successful appraisal and development wells on the NW Gemsa block. Three oil producers and one water injection well were drilled in 2010 and further development drilling is ongoing for 2011. New facilities, including gas production and water injection, are being progressed to maximise production and recovery efficiency and these should be completed by the end of 2011. The successful implementation of these measures should see significant increases in production levels in 2012. Daily production currently between 7,000 and 8,000 bopd is being managed in accordance with good oil field practice and through to the end of December 2010, total gross production was 4.1 MMBO.

The recent political unrest in Egypt had little impact on the Company's operational activities. Production continued as normal and suffered no delay while drilling was suspended for a couple of days due to a delay in getting necessary supplies from Cairo.

The situation in Egypt has, however, resulted in delays in receiving payment for our oil sales to EGPC (Egyptian General Petroleum Company). At year-end the amount past due was US$10.78 million and since year-end this has increased further. The Company is currently in discussions with EGPC with a view to resolving this matter and reducing these receivables to more normalised levels.

The updated resource report compiled by RPS Energy took into account the results of the drilling and development activity up to, but not including Geyad-3. The report estimates total most likely (P50) URR at 33.2 MMBO and 38.1 bcf of gas, which together equates to 39.8 MMBOE URR. This constitutes a 65.1% increase over the 2010 figure of 24.1 MMBOE URR.

The Company is delighted with the success on our NW Gemsa block as drilling progresses and new facilities are installed to maximise both reserves and the long-term uplifted production capability of the field.

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