13th Feb 2008 07:00
Circle Oil PLC13 February 2008 13 February 2008 CIRCLE OIL PLC ("Circle" or the "Company") SUCCESSFUL COMPLETION OF MOROCCAN SEISMIC SURVEY Circle Oil plc (AIM: COP), the oil and gas exploration and development group, istoday pleased to announce the successful completion of the 3D seismicacquisition programme in the Sebou and Gaddari areas of its concession in theRharb Basin Morocco. A total of 145 square kilometres of 3D seismic with a 12.5 metre bin size and 57line kilometres of 2D seismic data have been acquired by PGS Onshore. The dataprocessing including the application of iterative three term inversionprocessing is now underway. Preliminary results show very good data quality andclear indication of the first leads and potential prospects for drilling thissummer. Commenting on the news David Hough, CEO of Circle Oil said: "The successful completion on schedule of the Sebou and Gaddari seismic surveyacquisition helps us to maintain our momentum in the Rharb. We are veryencouraged by the quality of the data obtained and anticipate the leads andprospects already seen will be firmed up for the start of drilling in the secondquarter 2008. We will make further announcements regarding our Moroccan workprogramme once the data has been fully processed and interpreted." For further information contact: Circle Oil plc David Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571) Media enquiries: Martin Jackson Analyst enquiries: George Cazenove Collins Stewart Europe Limited (+44 20 7523 8350) Chris Howard Notes to Editors Circle Oil Circle Oil plc (AIM: COP) is an international oil & gas exploration anddevelopment company with a growing portfolio of assets in Egypt, 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, or Circle may itself opt to use itsown expertise to appraise reserves and bring assets into production, generatinglong term cash flow for further investment. www.circleoil.net This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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