News

December 18, 2008

Circle Oil Announces New Find On Egyptian Block Fuelling Hopes of First Production

After posting some positive results with the drill bit in Morocco lately, the focus for UK-listed Circle Oil now seems to have shifted elsewhere in North Africa.

A new oil discovery in Egypt, with a well sidetracking the earlier Al Amir-1X find, has sparked hopes that the company now has a new sizeable development project on its hands that could lead to debut production before too long. Though when that is remains to be seen.

CEO David Hough pledged to bring the Egyptian oil reservoirs in the North-West Gemsa Concession onstream “in the shortest time frame” although no firm timetable has yet been set. The area is located about 300 km...