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2012 Competent Persons Report in Egypt

Source: www.gulfoilandgas.com 2/28/2012, Location: Africa

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Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce that the 2012 Competent Persons Report (CPR) has recently been completed by Bayphase Ltd, an independent consultancy specialising in petroleum and gas reservoir evaluation, resulting in a highly significant upgrade of 30% to the 2P recoverable reserves of oil and gas from the 2011 estimates of ultimate recoverable resources reflecting the success of the Company's development activities throughout 2011.

2P Gross Initial Reserves for the Egyptian NW Gemsa and Moroccan Sebou onshore concessions are estimated at 53.36 MMboe (23.09 MMboe net to Circle) equating to a 12.18 MMboe gross increase from the 2011 estimate. 2P Gross Remaining Reserves, which accounts for production to date, are estimated to be 47.60 MMboe (20.69 MMboe net to Circle).

The new resource estimates take account of the results of the drilling and development activity up to the Geyad-4 and Geyad-5 wells.

In the NW Gemsa Concession, 2P Gross Initial Oil Reserves are estimated to be 40.40 MMbo and the 2P Gross Initial Raw Gas Reserves are estimated to be 45.34 Bscf. This totals a 2P Gross Initial Reserves value of 48.21 MMboe (19.28 MMboe net to Circle). This is 34% higher than the P50 estimate of 35.9 MMboe of Ultimate Recoverable Resources announced in 2011. The principal reasons for this increase are:

1-the deepening of the oil-water contact by more than 260 feet (as demonstrated by the recent wells Al Amir SE-7X and Al Ola-2X), which has resulted in an increase in the estimate of the volume of oil in place; and

2-the improved recovery efficiency resulting from the successful water injection programme that has increased the pressures in producing wells.

Following production of 6.95 MMbo through to the end of 2011, the 2P Gross Remaining Reserves are estimated to be 42.79 MMboe of oil, gas and recoverable liquids (17.11 MMboe net to Circle).

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).

The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometres, lies about 300 kilometres southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. The concession agreement includes the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries.

Commenting Prof Chris Green, CEO, said: "We are delighted with the 30% increase in reserves following the 2012 CPR. The upgrading of our resources to reserves rewards the successful development work undertaken by Circle. This is a confirmation that there is potential in developing our discovered resources through diligent development and effective asset management. We continue our efforts to maximise both our daily production and level of recovery."

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