27th Jun 2006 07:02
Circle Oil PLC27 June 2006 27 June 2006 CIRCLE OIL PLC ("Circle" or the "Company") CIRCLE OIL SIGNS JV AGREEMENT IN PANAMA Circle Oil plc (AIM: COP), the oil and gas exploration and development group, istoday pleased to announce that that it has signed a joint venture agreement witha private Australian company, Montage Petroleum Ltd, with regard to Circle'soffshore Panamanian license block. Under the terms of the joint venture agreement Montage have taken a one thirdinterest in the license and will contribute to all work programmes on thelicence pro rata to their shareholding. Circle Oil (Panama) S.A. is operator of the joint venture and is currentlyassimilating and reinterpreting all available information on the license blockbefore commencing its Panama exploration programme later this year. Commenting on the agreement David Hough, Chief Executive of Circle Oil, said: "I am pleased to welcome Montage to our Panamanian operations as our partners.This promises to be an excellent opportunity for both companies and I lookforward to updating shareholders with further progress in this project later inthe year." Enquiries: Circle Oil plc (+44 20 7638 9571)David Hough, CEO Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon Also www.circleoil.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Circle Oil Plc