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Circle Oil plc makes discovery in Morocco

Discovery in Well CGD-10, Sebou Permit, Rharb Basin, Morocco

June 3, 2009
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Circle Oil plc is pleased to announce that the CGD-10 exploration well has been drilled, logged, and successfully tested in the Sebou Permit, Morocco.

The Company confirms a discovery in the Lower Guebbas Sequence with the well testing gas at a sustained rate of 3.9 MMscfd from the primary target using a 24/64 in choke. The perforated interval of 2917 to 2942 ft (889.3 to 897 m) has a calculated net gas pay of 10 ft (3.3 m). The secondary target between 2780 to 2803 ft (847.5 to 854.5 m) has a calculated net gas pay of 6.5 ft (2 m) but testing of this interval will be carried out at a later date.  The well is being completed as a potential producer.

A full technical evaluation of all the results of the well is underway. This will allow for forward planning as a precursor to further assessment of the resource, including conducting an extended well test to give a more complete estimation of the reserves.

The drilling rig will now move to commence drilling the last well of the planned six well drilling program in the area.

 

The Sebou permit lies to the north-east of Rabat in the Rharb Basin in Morocco. The Rharb Basin is a foredeep basin located in the external zone of the Rif Folded belt. The concession agreement, in which Circle has a 75% share and ONHYM, the Moroccan State oil company, has a 25% share, includes the right of conversion to a production licence of 25 years, plus extensions in the event of commercial discoveries.