Circle Oil has said that its Egyptian well, Al Ola-1X, was oil bearing with no sign of oil-water contact. The company, which has assets in Morocco, Oman and Egypt also said its secondary target at the well gave strong indications of gas. The well is planned to be drilled to a total depth of 13,700 feet.
“We are delighted with Al Ola-1X proving up the Kareem sands yet again and proving up the field extension in the south. The secondary target has also given strong shows of gas .Once this well is finished, we will consider the need for some injector support drilling before undertaking more appraisal and development wells," said Chief Executive Chris Green.
Circle Oil said it has agreed, along with its partners, on plans to bring gas associated with the NW Gemsa concession producing wells in Egypt into production, presently planned to be completed within the next six months. Current gross production from the Al Amir and Geyad fields in the NW Gemsa concession is 9,000 to 9,500 b/d.
To find out more about Circle Oil please visit Circle Oil's web site, which you can find here.
For more news and expert analysis about Egypt, please see Egypt Politics & Security.
© 2010 Menas Associates
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