More north African oil for Circle than thought

LIMERICK-BASED exploration company Circle Oil’s Moroccan and Egyptian assets could hold up to 83% and 65% more oil reserves than initially anticipated.

Circle Oil announced the significant guidance increases for its Sebou and Gemsa blocks, yesterday. Chief executive Chris Green said the development justifies the company’s appraisal programme in Egypt and its exploration drilling round in Morocco.

“It also highlights the way in which the company has been utilising the funds raised from the placing in 2010 to create value for our shareholders,” he added.

Meanwhile, Providence Resources confirmed it is due to formally begin its highly anticipated Irish drilling campaign — at its Barryroe oil discovery, off the Cork coast — before the end of the summer.

The Tony O’Reilly Jnr-headed exploration company is set to spend $500 million (€343m), with its assorted operational partners, on an unprecedented two-year drilling round off the Irish coast.

While Barryroe and the company’s Hook Head/Celtic Sea assets are due to be drilled this year, next year will see work commence at Dalkey Island, Rathlin and the Dunquin field.

Yesterday, Providence announced it has commenced a 3D seismic survey of the Barryroe discovery, an action which forms part of the pre-development drilling programme. The survey is expected to be completed within the next two weeks. &

Elsewhere, Botswana Diamonds — the John Teeling-chaired, AIM-listed diamond exploration company — announced it has identified several locations in eastern Cameroon with strong diamond potential.

Mr Teeling said: “Our next step is to prove that there are diamonds there. To date, the majority of the licence hasn’t been explored and significant scope remains for discovering more areas.”