Circle Oil to seek partner in Tunisia

Limerick-based exploration firm, Circle Oil has confirmed it intends to seek a farm-in partner for its highly-anticipated offshore Tunisian assets.

The northern African-focused firm, which yesterday received a warm reception from shareholders at its Dublin AGM, last month saw its market value jump by over €30 million and its share price rocket by nearly 30% on the back of it announcing a potentially transformational oil discovery off the coast of the African nation.

Early results from drilling on the Mahdia Permit — Circle’s first ever offshore prospect — suggested estimated recoverable resources of around 100m barrels of oil, leading analysts to use terms like “very significant discovery” and “potentially transformational“.