19th Sep 2008 16:45
19 September 2008
CIRCLE OIL PLC
("Circle" or the "Company")
Board Change
Circle Oil Plc (AIM: COP), the international oil and gas exploration and development company, announces that Mr. John Philip McKeon, Business Development Director, has notified the Board of his intention to leave the Company, with effect from today. Mr. McKeon, a co-founder of Circle and executive director since its inception in 2003, has advised that he wishes to devote more time to his other business interests.
Mr Thomas Anderson, Chairman of Circle, said:
"Circle and its Board have benefited greatly from John's enthusiastic support and extensive network of contacts over the years. We will miss John's contribution, but wish him all the very best for success in his other ventures in the future."
John McKeon, a co-founder of Circle, said:
"I am honoured to have been involved in the growth and development of Circle since its inception. I leave the company in great shape with a strong asset base, well funded and entering into its production phase. I am going to pursue other earlier stage interests and continue to be supportive of the company in its exciting endeavours."
Notes to Editors
Circle Oil Plc
Circle Oil Plc (AIM: COP) is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia with a combination of low-risk near-term production and significant exploration upside potential. The Company listed on AIM in October 2004.
Internationally, the Company has continued to expand its portfolio over the past 2 years and now has assets in the Rharb Basin, Morocco; the Ras Mamour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia; the Zeit Bay area of Egypt and the Owambo Basin, Namibia. Circle also has the largest licence holding of any Company in Oman. In addition to its highly prospective Block 52 offshore, the Company also has an ongoing exploration program in Block 49 onshore.
The Company's strategy is to locate and secure additional licenses in prospective hydrocarbon provinces and through targeted investment programmes, monetise the value in those assets for the benefit of shareholders. This could be achieved through farm-outs to selected partners who would then invest in and continue the development of the asset into production, or Circle may itself opt to use its own expertise to appraise reserves and bring assets into production, generating sustained cash flow for further investment.
Further information on Circle Oil is available on its website - www.circleoil.net
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Circle Oil Plc