Monday 19 February 2018

Circle Oil upbeat on Egyptian well

Sarah McCabe

Sarah McCabe

Circle Oil says its Al Amir SE Field in Egypt is now producing more than 11,200 barrels of oil per day and 12.52 millions of standard cubic feet of gas per day.

AASE-18, located in the north west part of the site, was spud on July 7. Another well at the site AASE-15, has not yet been completed.

Circle has a 40pc interest in the site.

“Circle is very pleased with the results of the AASE-18 well, which will provide significant additional oil and gas production from the Al Amir SE field” said chief executive Chris Green. “This has resulted in a further increase in the total gross daily production to over 13,500 boepd”

The company, which is looking for oil and gas primarily in North Africa, has been beggared by a low share price of late.

Circle is looking for oil and gas primarily in North Africa and while it is now producing oil and making money, the share price has remained low and some investors aren't happy.

In a surprise development at the company's annual general meeting, Mr Anderson announced he was retiring with immediate effect and has been replaced by Nick Clayton.

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