Petroleum Africa
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Wednesday, February 20, 2013
Circle Oil updated its activities including its upcoming work programs in the North African countries of Egypt, Morocco, and Tunisia. In Egypt, a four-well drilling program comprised of one producer and three injector wells is planned from now through the end of July 2013.
The company saw gross production averaging 9,091 bpd out of Egypt in January 2013, with additional production coming onstream on February 12. The additional production came online with the start up of associated gas production at an initial rate of 9 Mmscf/d (1,638 boepd). Circle and its partners will be adding the AASE-14 ST2 to the production mix once it has been tested and hooked up; this is expected by the end of February.
In Morocco, Circle has a six well drilling program planned for H1 on the Sebou and Lalla Mimouna permits. The preliminary interpretation of the Lalla Mimouna 3D seismic survey is encouraging, with wells in the 2013 program aimed at providing substantial additional reserves.
The company plans to see an over 50% increase in gas production in Morocco, taking it from 4.5 Mmscf/d to between 6.5 and 7.0 Mmscf/d in Q1 2013. It also reported that a third offtake agreement was added at the end of 2012 for an additional $0.5 million per annum.
And in Tunisia, Circle will acquire 300 sq km of 3D seismic on the Mahdia permit. The survey will delineate a drilling location for a well in 2013. The seismic vessel arrived in Tunisia on February 15.
The two-well drilling program includes one well onshore on the Sedouikech prospect in the Ras Marmour permit targeting 20 million barrels of oil STOOIP and one well is planned for the offshore Mahdia permit targeting up to 179 million barrels of oil STOOIP.
Commenting on the announcement Chris Green, CEO, said: “Against the backdrop of significant change in the MENA region, Circle has used its experience in the region to consolidate its position and continues to make excellent progress in its core operations. As a result, Circle is now well placed and well funded to accelerate its operations in 2013 and begin unlocking the latent value in its substantial portfolio.”
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