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Friday, July 26, 2013
Circle Oil has entered into an agreement with Exxoil, the partner in its existing onshore licenses in Tunisia, to farm-in to the Beni Khaled production license, which is centered in the Cap Bon Peninsula. Under the terms of the agreement, Circle will acquire an initial 30% interest in the license in return for funding a 50 sq km 3D seismic program and one well, with Circle’s funding expected to be $5 million. The agreement further allows for Circle to increase its share in the license to 50% in two equal stages by funding one well in each stage up to $2 million per well.
The farm-in will be funded from Circle’s existing cash flow, resources, and facilities. Exxoil will remain as operator of the license.
The 3D seismic acquisition is presently planned to start in late 2013/early Q1 2014 with first drilling presently planned for early H2 2014.
The license presently produces, from the Beni Khaled field, around 80-100 bpd from one well, the EBK-1. It contains additional possible fault bounded extensions to the Beni Khaled oilfield itself.
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