10th Sep 2013 10:25
LONDON (Alliance News) - Circle Oil PLC Tuesday said it increased total daily production to over 13,500 barrels of oil on positive Al Amir Field results.
The international oil and gas exploration, development and production company said its AASE-18 well at the Al Amir field in Egypt encountered two areas of oil sands, called Shagar and Rahmi.
The company said a flow test of the Rahmi space produced a rate of 1,952 barrels of oil per day and 1.8 million square cubic feet of gas.
Circle Oil also said another new well also began to produce at the site to improve the production of the Shagar and Rahmi sands.
"Circle is very pleased with the results of the AASE-18 well, which will provide significant additional oil and gas production from the Al Amir SE field. This has resulted in a further increase in the total gross daily production to over 13,500 barrels a day," Chief Executive Chris green said in a statement.
Circle Oil shares were up 0.62 pence, or 3.2% to 20.25 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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