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.