26th Jun 2007 11:25
Circle Oil PLC26 June 2007 26 June 2007 CIRCLE OIL PLC ("Circle" or the "Company") BOARD APPOINTMENT Circle Oil Plc (AIM: COP) is pleased to announce the appointment of Mr. MohammadSultan (49) to its Board as a non-executive director. Mr. Sultan is a foundingmember and Managing Director of KGL Petroleum, a Kuwait based company which hasrecently agreed to provide Circle with a US$30 million convertible loan. As Managing Director of KGL Petroleum, Mr. Sultan oversees its business projectdevelopments, manages internal and external relations and is responsible fordevising and implementing the KGL company strategy particularly in assessinginvestment opportunities in the petroleum sector both regionally and globally.Prior to KGL Petroleum, Mr. Sultan worked for a period of 27 years for theKuwait Oil Company, a major producer of oil and gas in the world. Mr. Sultanholds a B.Sc. degree in Electrical and Computer Engineering from Oregon StateUniversity. Commenting on the appointment of Mr. Sultan to the Board, Circle's Chairman, Mr.Thomas Anderson said: "Mohammad Sultan joining our Board further strengthens the bond between our twocompanies. I look forward to his good counsel at Board meetings and to thefuture working with his and KGL's support for the mutual benefit of bothcompanies". Disclosures Save as mentioned above, Mr Sultan, is currently, or has been in the past fiveyears, a director of the following companies: Current Directorships and PartnershipsKGL Petroleum Previous Directorships and PartnershipsKuwait Oil Company. The contents of this announcement include the full disclosures required underSchedule 2, Para (g) of the AIM Rules. Enquiries: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Martin Jackson/George Cazenove Notes to editors Circle Oil plc (AIM: COP) is an international oil & gas exploration anddevelopment company with a growing portfolio of assets in Morocco, Tunisia,Namibia, Oman and Panama. The company listed on AIM in October 2004. Circle has the largest licence holding of any company in Oman. In addition toBlock 52, the company also has an ongoing exploration program in onshore Block49. Worldwide, the company is active in exploration in the Owambo Basin,Namibia; in the Caribbean Sea, offshore Panama; the Rharb Basin, Morocco; theRas Mamour Permit in southern Tunisia and Grombalia Permit in northern Tunisia. The Company's strategy is to locate and secure licences in new hydrocarbonprovinces and through targeted investment programmes, monetise the value inthose assets for the benefit of shareholders. This could be achieved throughfarm-outs to selected partners who would then invest in and continue thedevelopment of the asset into production. Circle may itself opt to use its ownexpertise to appraise reserves and bring assets into production, generating longterm cash flow for further investment. Also www.circleoil.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Circle Oil Plc