Circle Oil Plc Updates on Operations in Tunisia
- The Company has been advised that approval has been received from the Tunisian Government, following a competitive bid process, to acquire a permit on a block in the Cap Bon peninsula covering a similar area to the previously owned (now expired) Grombalia permit in which Circle was a minority partner with Tunisian company Exxoil (operator). Circle will be the operator and hold a 100% working interest in the new permit and has the right to apply for conversion to production licence areas in the event of exploration success.
- The licence covers an area of 2,820 sq km and is in an area which includes existing oil and gas field concessions including Cap Bon gas field, Belli oil field, and the El Manzah producing oil field. The Beni Khaled producing oil field concession, where Circle is now a 30% W.I. partner (Exxoil 70% and operator) is entirely enclosed within the new permit. Other discoveries such as Zinnia, Bir Drassen, and Tiref, exist within or are close to the block, and Circle recognises a number of prospects and many leads which have similar geological features to known accumulations. The main targets are the fractured Eocene to Upper Cretaceous carbonates and Lower Cretaceous sandstones, although other plays may be developed following collection of further data.
- Estimates of in place, pre-drill, unrisked, resources on five separate structures prepared by external consultants for the previous operator range from 16MMboe to more than 200MMboe and totalled 480MMboe. These figures will be subject to revision following the receipt of new data to be acquired by Circle.
- The licence covers an area of 2,820 sq km and is in an area which includes existing oil and gas field concessions including Cap Bon gas field, Belli oil field, and the El Manzah producing oil field. The Beni Khaled producing oil field concession, where Circle is now a 30% W.I. partner (Exxoil 70% and operator) is entirely enclosed within the new permit. Other discoveries such as Zinnia, Bir Drassen, and Tiref, exist within or are close to the block, and Circle recognises a number of prospects and many leads which have similar geological features to known accumulations. The main targets are the fractured Eocene to Upper Cretaceous carbonates and Lower Cretaceous sandstones, although other plays may be developed following collection of further data.
- Estimates of in place, pre-drill, unrisked, resources on five separate structures prepared by external consultants for the previous operator range from 16MMboe to more than 200MMboe and totalled 480MMboe. These figures will be subject to revision following the receipt of new data to be acquired by Circle.