03/10/2008
Irish explorer Circle Oil has claimed a discovery at its Al Amir SE-1 sidetrack well in Egypt’s North West Gemsa Concession.
The AIM-quoted company says the well, in the project’s Kareem Formation sandstones, has tested 41 per cent API (gravity) oil and gas at sustained rates of 3,388 barrels of oil and 4.25 million cubic feet of gas a day. Limerick-based Circle has 40 per cent of the Gemsa project, where Vegas Oil and Gas is the operator.
David Hough, chief executive officer of Circle Oil, describes the discovery as ‘excellent news’, after the company’s recent gas production start-up in Morocco and a successful fundraising. At 26.5p, the shares value the company at £89.3 million.
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