6th May 2014 12:11
LONDON (Alliance News) - Circle Oil PLC Tuesday said its AASE-21 well at the Al Amir SE Field in Egypt found two regions of good quality oil and has been completed as a Shagar producer.
The exploration and development oil and gas company said the well was started on March 9 and found Kareem sands with a 19 foot space of net oil in the Shagar region and a 4 foot space of net oil in the Rahmi region.
The company said the well has been completed as a Shagar producer and initial short term testing has yielded flow rates of 3,005 barrels of oil per day and 3.2 million square cubic feet of gas per day, for a total of 3,592 barrels of oil equivalent per day.
Circle Oil said its gross daily production rate over the last month from its AASE and Geyad fields is roughly 11,000 barrels of oil per day and 11 million square cubic feet per day, while total gross production from the NW Gemsa fields has now exceeded 15.3 million barrels of oil.
The company said that after drilling the site, its rig has now moved to drill its AASE-22 site.
Circle Oil shares were up 1.5% to 24.22 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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