Circle Oil Drilling Update Morocco

abarrelfullabarrelfull wrote on 05 Jan 2011 09:34
Tags: aim circle-oil morocco upstream

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Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce that the KSR-10 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Rharb Basin, Morocco.

The Company confirms a gas discovery in both the Main Hoot target and a secondary Mid Hoot target. The well first tested gas at a sustained rate of 10.6 mmscf/d on a 26/64" choke from the Main Hoot. The perforated Main Hoot zone of 8.4 metres at 1,736.6-1,728.2 metres MD plus a 1.5 metre zone at 1,720.0-1,718.5 metres MD has a calculated net gas pay of 9.9 metres. The Mid Hoot zone was then perforated and flowed gas at a sustained rate of 2.39 mmscf/d on a 16/64" choke. The perforated Mid Hoot zone of 1,650.5-1,649.7 metres MD plus 1,647.6-1,646.8 metres MD has a calculated net gas pay of 1.6 metres.

Additional gas pay zones of 4.4 metres, 3.1 metres and 1.4 metres in the Lower, Middle and Upper Guebbas were also logged. Testing of the Lower Guebbas encountered problems and was inconclusive. This Lower Guebbas zone together with the additional pay zones in the Middle and Upper Guebbas will be tested at a later date. The well is being completed as a potential producer.

A full technical evaluation of all the results of the well is underway. This will allow for forward planning as a precursor to further assessment of the resource, including conducting an extended well test to give a more complete estimation of the reserves.

The drilling rig is now moving to commence drilling ADD-1, being the fourth well of the planned five well drilling program in the area. Following this, the KSR-11 well will be drilled and the DRJ-6 well from the previous drilling campaign will be tested. Weather permitting, the KAB-1 well, drilled in September 2010, will be re-entered for logging or re-drilled.

The Sebou permit lies to the north-east of Rabat in the Rharb Basin in Morocco. The Rharb Basin is a foredeep basin located in the external zone of the Rif Folded belt. The concession agreement, in which Circle has a 75% share and ONHYM, the Moroccan State oil company, has a 25% share, includes the right of conversion to a production licence of 25 years, plus extensions in the event of commercial discoveries.

Prof. Chris Green, CEO, said:

"I am pleased to report that we have continued our drilling success in Morocco's Rharb Basin. The KSR-10 well has been completed and, once required, will be available for future production."

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