Circle Oil discovers additional oil at asset

LIMERICK-headquartered exploration firm, Circle Oil has found additional oil content at one of its chief assets in Egypt, potentially increasing the size of the overall field.

The AIM-listed company — which is focused on northern Africa and the Middle-East — said yesterday via an operating update for its entire portfolio of assets in Egypt, that an appraisal programme at its Al Ola-2 well, meant to evaluate the potential for water injection to support oil production, actually found more oil, suggesting that the well and the surrounding Al Amir field could contain significantly more oil reserves than previously thought. Combined production at Circle’s Al Amir and Geyad fields are currently running steady at around 7,800 barrels of oil per day.

Professor Chris Green — Circle’s chief executive — said he was “delighted” to report another positive drilling result from the company’s latest drilling round in Egypt.