17th May 2016 08:34
LONDON (Alliance News) - Oil and gas explorer Circle Oil PLC on Tuesday said the infill drilling programme on the North West Gemsa field in Egypt has been competed.
Circle said the second of the two production wells on the site, AASE-24, has been drilled to target depth, completed and tied into the production infrastructure.
A well test started this week on AASE-24, and the well has flowed at an average 1,714 barrels of oil per day and 3.062 million cubic feet of gas per day.
The well will be produced at a lower rate in order to best manage the long-term field production, Circle said.
"We are pleased with the results of this two well drilling campaign which will help to maintain production rates and manage field production. There is no further drilling planned in 2016 although there is an ongoing workover campaign which we also expect to help maintain production levels," said Mitch Flegg, Circle Oil's chief executive.
Circle shares were up 20% to 2.25 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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