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Circle Oil
www.circleoil.net
Circle Oil is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia with a combination of low-risk near-term production and significant exploration potential.
Shares in Circle Oil (LON:COP) were lifted in morning trade after the group announced the latest Competent Persons Report (CPR) has lifted 30 per cent of its recoverable resources into the category of proved and probable (2P) recoverable reserves of oil and gas
At 8.56 am, Circle shares were trading up 5.8 percent at 24.75 pence.
Independent consultancy Bayphase Ltd estimates the 2P gross initial reserves for the Egyptian NW Gemsa and Moroccan Sebou onshore concessions at 53.36 million barrels oil equivalent, (23.09 MMboe net to Circle, representing to a 12.18 MMboe gross increase from the 2011 estimate.
The 2P gross remaining reserves, which accounts for production to date, are estimated to be 47.60 MMboe, of which 20.69 MMboe net to Circle.
The new resource estimates for the Egyptian concessions take account of the results of the drilling and development activity up to the Geyad-4 and Geyad-5 wells, while in Morocco, the new estimates take account of the results of the drilling and development activity up to ADD-1 well.
Chief executive Chris Green said: “The upgrading of our resources to reserves rewards the successful development work undertaken by Circle. This is a confirmation that there is potential in developing our discovered resources through diligent development and effective asset management. We continue our efforts to maximise both our daily production and level of recovery.”
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