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Thursday, October 1, 2015
The partners on the NW Gemsa permit in Egypt have successfully managed output costs on the license. Circle oil said that the carefully managed output has enabled the partners to see costs of $4.34/barrel, among the lowest globally, As a result, even in the current oil price environment, the field remains profitable and cash generative.
Operationally, at the end of June, 14 wells in the Al Amir SE field (AASE) and five wells in the Geyad field were on production, with a combined average gross production rate of 9,648 boepd for the period. Water injection through four wells in AASE and one well in the Geyad field is providing continuing pressure support to maximize recovery efficiency and optimize production levels.
The export gas line to the SUCO facility at Zeit Bay is currently flowing at approximately 7 Mmcf/d with a total delivered to the terminal of 8.8 Bcf at the end of June 2015. Valuable condensate and natural gas liquids are stripped out of the gas and sold to EGPC with gross average daily rates of about 65 barrels of condensate and 15 tons of LPG. Circle said it is in the final stages of documenting the commercial agreements.
The AASE-21 well was shut in during April due to a high water cut. The AASE-18 well was recompleted and brought on line during May at an initial rate of 650 bpd (gross). This will help during the remainder of 2015 to partially compensate for the loss of AASE-21.
Given Circle’s material ownership stake in the block, over the course of the year to date Circle has taken a much more active role with the operator, The process of good field management will be continued into 2016 through implementation of the dynamic reservoir model of the AASE field.
Circle continues to benefit from the historic capex spend on the fields and is working closely with the operator to prudently manage the field and arrest the decline in production through workover and drilling activity. During the second half of the year a program to perform workovers on up to eight wells commenced. The results of this workover program will be used to influence the design of the next planned drilling program of two or three production wells.
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