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Circle Announces Its Operational Updates in NW Gemsa

Source: 12/5/2012, 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.

Al Amir SE-13 Well
Infill producer well AASE-13 was spudded on 14 October 2012 and is located in the north central part of the AASE field, between AASE-4 and AASE-11 ST and updip of water injector AASE-7 ST. The well's objective was to appraise both the Shagar and Rahmi sands for production in that location. The well reached a TD of 10,350 ft MD in the Upper Rudeis. The well encountered the Kareem Shagar sand from 9,894.5 to 9,930ft ft MD with 20 ft of net pay and the Kareem Rahmi sand from 9,974.5 to 10,027.5 ft MD with 29 ft of net pay. The well was perforated in the interval 9,895 to 9,908 ft MD and completed as a Shagar sand producer. The well flowed oil and gas on test on 30 November 2012 at an average rate of 1,600 bopd and 1.3 MMscf/d respectively, on a 32/64" choke. The well is now producing following completion of testing at an initial rate of 873 bopd and 0.836 MMscf/d on a 24/64" choke.

Al Amir SE-14 Well
Following the successful completion of the AASE-13 well, the rig has been mobilised to drill the infill production well AASE-14 in the central part of the AASE field, located between the AASE-1 and AASE-12 ST production wells.

Geyad 2X ST Well Work Over
This well is being re-completed as a producer in the Rahmi sands. The total oil production to date from this discovery well in the Geyad field is 210,000 BO. Following perforation of the Rahmi sands interval between 6,565 ft and 6,595 ft MD, production will flow through a new completion string.

Production and Injection
Currently production from the AASE, Geyad and Al Ola fields is approximately 9,840 bopd (gross). Cumulative production from the NW Gemsa Concession has now exceeded 9.8 million barrels of 42 degree API Crude oil and water injection has now reached a cumulative injection of approximately 7.2 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 delighted with the results of the AASE-13 well, which has been completed as a Shagar oil producer. This infill well result will add to the ultimate recovery from the field. The rig has now being moved to drill the AASE-14 well, which is intended as a central infill producer, for the AASE field and is part of the overall plan to improve the productivity of the NW Gemsa accumulations."

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