7th Sep 2006 13:00
Circle Oil PLC07 September 2006 CIRCLE OIL PLC ("Circle" or the "Company") CIRCLE OIL'S MOROCCAN AGREEMENT FORMALLY RATIFIED AND PARTNERSHIP UNDERWAY WITH ONHYM Circle Oil Plc (AIM: COP), the Irish oil & gas exploration and developmentgroup, is pleased to announce that the Petroleum Agreement signed by its whollyowned subsidiary Circle Oil Maroc Ltd (COML) covering the Exploration andExploitation of the Sebou Concession situated in the Rharb Basin, Morocco hasbeen duly ratified by the Ministry of Energy and Mines and the Ministry ofFinance and Privatisation, a note of which has to be published in the MoroccanOfficial Bulletin. ONHYM is conducting evaluation works on the shows in the surrounding area. Apartnership relating to this area is underway. Commenting on the agreement David Hough, Chief Executive of Circle Oil, said; "The approval of this agreement and the partnership with ONHYM is significantfor Circle Oil as the Rharb is known as an area with excellent potential for lowrisk drilling, low cost, fast track development and production." Enquiries: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon Notes to Editors Circle Oil plc is an Irish oil & gas exploration, development and productioncompany with a growing portfolio of assets in Morocco, Namibia, Oman and Panama. 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. It is alsoCircle's intention to look at investment in advanced projects with a view toachieving cash flow in the near term. The company listed on AIM in October 2004. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Circle Oil Plc