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Thursday 28 August 2014

Circle Oil begins drilling off coast Tunisia

Published 10/06/2014 | 02:30

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Circle Oil has begun drilling off the coast of Tunisia. Image: THINKSTOCK
Circle Oil has begun drilling off the coast of Tunisia. Image: THINKSTOCK

Limerick-based, Middle East and Africa-focused oil explorer Circle Oil has begun drilling off the coast of Tunisia.

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The drillship PetroSaudi Discoverer has begun drilling at Circle's EMD-1 well in the Mahdia Permit area. Depending on progress rates, the well is expected to take approximately 5-7 weeks to drill. Circle Oil chief executive Professor Chris Green said: "We are very pleased to be drilling what is our first offshore well and to be working with PetroSaudi and other experienced service companies on this project. It marks the start of another stage in our busy 2014 operational work programme."

Shares in London AIM listed Circle Oil were up slightly yesterday at 22.19 pence (27.41 cents) each following the announcement.

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Irish Independent

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