Circle Oil Plc give operations update on Egypt
Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field (“AASE”) and the Geyad Field in Egypt.
AASE-19 was spud on 1 December 2013 and was subsequently side-tracked for geological reasons. The surface location lies in the north-western part of the AASE permit and the bottom hole of the side-track lies up-dip about 900 metres to the east of the AASE-4 producer. The well’s objective was to appraise both the Shagar and Rahmi sands for production. It encountered the Kareem sands with 14 feet of net pay in the Shagar and 10.5 feet of net pay in the Rahmi, both zones are of good reservoir quality. Initial short term testing of the well has yielded flow rates, under a 48/64″ choke, of 1,242 bopd and 1.13 MMscf/d of gas (206 boepd) for a total of 1,448 boepd. The well will be hooked up as a Shagar producer and further results will be provided in due course.
The rig will move to drill the infill AASE-21 well located about 1,200 metres south-east of AASE-4 and 800 metres north-west of the AASE-1X well to appraise both the Shagar and Rahmi sands for production.
The current gross daily production rate from the AASE and the Geyad Field is now standing at 11,190 bopd and 11.2 MMscf/d (2,038 boepd) for a total of 13,228 boepd. Cumulative production from the NW Gemsa Concession has now exceeded 14.6 million barrels of 42 degree API crude oil.
Water injection in the AASE and Geyad Field is currently about 28,400 bwpd and the cumulative injection to date is about 18.5 MMbw.
The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometres, lies about 300 kilometres southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin.
The concession agreement included the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).
Prof Chris Green, CEO, said
“Circle is very pleased with the results of the sidetrack of the AASE-19 well, which will provide additional oil and gas production from the Al Amir SE field.”