29th Apr 2016 12:08
LONDON (Alliance News) - Circle Oil PLC on Friday announced the results of the company's 2015 year-end reserves and resources assessment, which showed lower reserves in Egypt and Morocco.
The oil and gas exploration, development and production company said in Egypt the net Circle 2P reserves for the NW Gemsa Field as at 2015 year-end are 6.671 million barrels of oil equivalent (MMboe).
"Although this figure is lower than the 2014 year-end 2P figure of 12.49MMboe, a further 1.626MMboe has been re-categorised as P50 Unrisked Contingent Resources as at 2015 year-end. There was also net field production of 1.295MMboe during 2015," the company said.
In Morocco, the net Circle 2P reserves for the Sebou Permit as at year-end 2015 are 0.980MMboe.
"This figure is lower than the 2014 year-end 2P figure of 3.74MMboe. Additionally, the P50 Unrisked Contingent Resources as at 2015 year-end are a further 1.183MMboe. There was net field production of 0.276MMboe during 2015," the company said.
Circle Oil engaged a new provider for the evaluation of its reserve and resource base, LR Senergy, an independent auditor of hydrocarbons.
Shares in Circle Oil were down 7.6% at 2.31 pence Friday.
By Samuel Agini; [email protected]; @samuelagini
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