News

September 30, 2009

Circle Oil’s Interim Results Emphasise Continuing Success With The Drill Bit Onshore North Africa in Egypt and Morocco

A lot of what is in AIM listed Circle Oil’s interim results for the six month period ending June 30 2009, we already knew. But there is sufficient extra detail of the drilling programmes onshore North Africa to round out the picture and justify the company’s claim that the past twelve months have seen the company transformed by its success with the drill bit and its ability to bring discoveries into production quickly.

In 2006 the company decided to shift its focus from high risk wildcatting in Oman and Namibia to low risk plays with near term production potential in North Africa. In the past twelve months that strategy started to come good. We now learn from the interims that drilling continues in the NW Gemsa permit in Egypt which covers over 400 square kilometres and lies about 300 kilometres southeast of Cairo, in a partially unexplored area of the Gulf of Suez basin.

Five wells have been...