Circle Oil wins farm-in deals in Tunisia
Monday, April 16, 2007
Circle Oil plc, the oil and gas exploration and development group, said today that it had signed agreements with EXXOIL Tunisie that would see it farm-in to two separate concessions in Tunisia.
The farm-in to the Grombalia Permit in northern Tunisia gives Circle a 36 per cent working interest with the operator EXXOIL Tunisie and ETAP as partners. The work programme includes acquiring a small amount of 2-D seismic in late spring 2007 and the drilling of two mature prospects presently planned for the fourth quarter 2007 and first quarter 2008.
The second farm-in, into the Ras Mamour Permit in southern Tunisia, gives Circle a 23 per cent working interest and includes the drilling of one onshore well. This well is presently scheduled for fourth quarter 2007/early 2008 and will target a geologically similar sequence and structure close to the producing Ezzaouia Field.
Circle said the farm-in agreements give it the opportunity to participate in drilling wells with short lead times.
Chief executive David Hough, said: “We are delighted to be working in Tunisia and look forward to a long-term relationship with our new partners. For Circle Oil, these farm-in agreements represent a further step in the company's evolution towards becoming a balanced exploration and production company.”
The agreements are subject to final confirmation and acceptance of transfer of interests by DGE (Direction Generale de l'Energie) Ministere de l'Industrie, de l'Energie et des Petites et Moyennes Entreprise.
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