3rd Mar 2014 16:00
LONDON (Alliance News) - Circle Oil PLC Monday said it has achieved positive test oil production from two zones on its AASE-19 well at the Al Amir SE field in Egypt.
The exploration and development oil and gas company said the AASE-19 well, which was first put into test production in December, encountered 14 feet of net good quality pay in the Shagar sands and 10.5 feet of net good quality pay in the Rahmi sands.
The company said initial testing of the well has yielded flow rates of 1,242 barrels of oil per day and 1.13 million square feet per day of gas, or 1,448 barrels of oil equivalent per day.
Circle Oil said it will now hook the well up to its Shagar producer in the region and further test results will be provided in due course.
The company said the rig will now be moved to drill the AASE-21 well to again appraise both the Shagar and Rahmi sands for production.
Circle Oil said its current gross daily production rate from the Al Amir SE Field and its Geyad field in Egypt is now standing at 13,228 barrels of oil equivalent per day and cumulative production from the NW Gemsa Concession has now exceeded 14.6 million barrels of crude oil.
Circle Oil shares were up 0.2% to 22.425 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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