Circle Oil completes Tunisian farm-in agreement
Thursday, June 19, 2008
Oil and gas explorer Circle Oil has signed a farm-in agreement to the Mahdia Permit offshore Tunisia with Tethys Oil and Mining Ltd.
The Mahdia permit covers an area of 3780 sq km and adjoins the Nabeul Permit to the north and the territorial boundary with the island of Lampedusa (Italy) to the east.
Historically the geology and potential of this and the surrounding offshore area was successfully explored by Shell and Total and previous exploration has resulted in discoveries and commercial oilfields including fields such as Tazerka, Birsa, Oudna, Halk El Menzel and Isis.
Following the farm-in, Circle will hold a 70% working interest in the permit. It will become operator once the acquisition of 500 kilometres of additional 2D marine seismic is complete, prior to the commencement of any drilling in the permit.
In August last year Circle kicked off an 18 month series of field based operations in North Africa and the Middle East. That included operations in Tunisia, Morocco and Oman.
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