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Circle Oil Announced Operating Update in Egypt

Source: 10/22/2012, Location: Africa

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.

- Geyad-6 Well
Infill producer well Geyad-6 was spudded on 10 September 2012 and is located in the south central part of the Geyad field, east-north-east and updip of the Geyad-5 injector. The well's objective was to appraise both the Shagar and Rahmi sands for production in that location. The well reached a TD of 6,200 ft MD before being sidetracked to the north-east, for geological reasons, as Geyad-6 ST1 and was then successfully drilled to a total depth of 6,350 ft MD into the Upper Rudeis. The well encountered 7 ft of net pay in the Kareem Shagar sand and the well has been completed as a Shagar sand producer. The well was perforated in the interval 5,996-6,006 ft MD and flowed oil and gas on test at an average rate of 1,559 bopd and 1.346 MMscf/d respectively, on a 24/64" choke. The well has now been placed on production at an initial flow rate of 913 bopd using an 18/64" choke.

- Al Amir SE 13 Well
Following the successful completion of the Geyad-6 ST1 well, the rig has been mobilised to drill the infill production well AASE-13 in the west central part of the AASE field, located between AASE-4 and AASE-11 ST and updip of water injector AASE-7 ST.

- Geyad 1X ST Well Work Over
This well is being re-completed as a producer in both Shagar and Rahmi sands. The total oil production from this discovery well in the Geyad field is 764,000 BO. Following re-perforation of these intervals comingled production will be flowed through a new completion string.

- Production and Injection
Currently production from the AASE, Geyad and Al Ola fields is approximately 9,100 bopd (gross). Cumulative production from the NW Gemsa Concession has now exceeded 9.4 million barrels of 42 degree API Crude oil and water injection has now reached a cumulative injection of approximately 6.4 million barrels. 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 Geyad-6 ST1 well, completed as a Shagar oil producer. This well result further proves up the northern extent and pressure communication of the Geyad field and will add to the ultimate recovery from the field. The rig has now being moved to drill the AASE-13 well, which is intended as a central western infill producer, for the AASE field well and is part of the overall plan to improve the productivity of the NW Gemsa accumulations."

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