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Monday, December 16, 2013
Circle Oil received government approval to acquire a permit on the Cap Bon peninsular in Tunisia, which is made up of acreage previous covered under the expired Grombalia permit. Circle will own 100% of the new permit, and it has the right to convert up to a production license in the event of any new exploration success.
The new permit spans 2,820 sq km and hosts existing oil and gas fields, including the Cap Bon gas field and the El Manzah oil field. Under the agreement Circle committed to the acquisition of 2D and 3D seismic data and the drilling of four exploration wells during the first three years of the exploration period.
“We are delighted to announce that our competitive work program bid for the Grombalia permit in Tunisia has been successful,” said CEO Christopher Green. “We believe this underexplored, but highly prospective area, if successful, should bring significant added value to both Circle and Tunisia. We look forward to working together with the Tunisian authorities towards this goal.”
Circle’s producing, 30% owned Beni Khaled oil field (70% owned and operated by Exxon) is entirely enclosed within the new permit. There are other discoveries in the area, and Circle says it recognizes a number of prospects and many leads that have similar geological features to known accumulations.
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