London South East
Alliance News
LONDON (Alliance News) – Circle Oil PLC Thursday said its AASE-19 well has now been hooked up as a Shagar producer, and it is trading in line with expectations despite its Morocco drilling operations being delayed.
The exploration and development oil and gas company said its AASE-19 well in the Al Amir SE field has been hooked up and was producing at a rate of 517 barrels of oil per day gross and 0.397 million square cubic feet of gas per day on March 14, the first full 24 hours of production.
The company said its drilling rig for the site has moved to drill the infill AASE-21 well in the field, to appraise both the Shagar and Rahmi sands for production.
Circle Oil said current gross production from the AASE and the Geyad Field continues at roughly 11,200 barrels of oil per day and 11 million square cubic feet of gas per day.
However, the company said the drill campaign at Sebou and Lalla Mimouna permits in Morocco, scheduled to start in January, was delayed and all preparations have been slowed by continuing seasonal rains in the region.
Circle Oil also noted that the tender process for its forthcoming Block 49 commitment in Oman is at the evaluation stage, with drilling expected to start in the first half and a 2D seismic study of its Block 52 is due to commence on March 21.
The company said overall it is trading in line with expectations ahead of its full year results in May
Circle Oil shares were down 0.6% to 22.50 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
