Petroleum Africa
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Thursday, August 28, 2008
Circle Oil has increased its presence in North Africa following the completion of the acquisition of a 60% interest in the Oulad N’Zala Permit in the Rharb Basin, Morocco. Morocco’s ONHYM holds the remaining 40% of the permit.
The Oulad N’Zala Permit contains the ONZ4 gas discovery well, which has now been tied into the local gas infrastructure. Circle said that following a meeting of the partners, it has been agreed production will start-up from the well on September 15.
David Hough, CEO of Circle, said, "The signing of the Oulad N’Zala permit and ONZ4 production commencement agreement marks the beginning of revenues for Circle. This is a significant event for the company and I believe a foretaste of the future as Circle expands its production in
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