1st Sep 2006 07:00
Circle Oil PLC01 September 2006 CIRCLE OIL PLC ("Circle" or the "Company") CIRCLE OIL CONTRACTS WITH TGS-NOPEC TO CONDUCT OMAN MARINE SEISMIC SURVEY Circle Oil plc (AIM: COP), the international, oil and gas exploration anddevelopment group, is pleased to announce that Circle Oil Oman Offshore Ltd, awholly-owned subsidiary, has signed a contract with TGS-Nopec GeophysicalCompany (UK) Limited ("TGS") to acquire 2D seismic data over Block 52, offshoreOman. The survey will include some 6000 kilometres of seismic data in additionto shipborne gravity data. TGS will acquire the data using the Russian researchvessel, Akademik Lazarev, which is expected to arrive on site and begin thesurvey in mid-October. Circle has already completed an environmental impactstudy prior to commencement of the survey. Block 52 is located off the southwestern coast of the Sultanate of Oman andextends some 600 kilometres northeast from the Yemeni border. The Block alsoextends offshore for up to 150 kilometres. Circle has the exclusive right toexplore for oil and gas on this 90,760 square kilometre block. The results of this survey will delineate prospective areas within a recentlyidentified but, as yet, undrilled salt basin. It is anticipated that thesediments present in this basin will be prove to be of a similar age and originto those in the prolific South Oman Salt Basin which lies onshore some 100kilometres to the northwest. Commenting on the upcoming survey, Mr. Jack Keyes, Chief Operating Officer forCircle Oil, said: "This is a very important survey both for Circle Oil and the Sultanate of Oman.It will provide the cornerstone to an ambitious exploration program that couldopen up several new hydrocarbon plays." 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 and in the Rharb Basin, Morocco. Enquiries: Circle Oil plcDavid Hough, CEO (+44 20 7638 9571)Jack Keyes, COO (+1 281 920 0055) Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Nina Soon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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