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Circle see 20pc rise in Egypt production
Thursday, 3rd May 2012 10.34am

Limerick-based exploration and production firm, Circle Oil, today said it has seen a 20pc rise in oil production resulting from latest find on Al Amir in Egypt.

It said that its Egyptian production is now at 10,000 barrels of oil per day, adding that it was very pleased that its AASE-11X ST1 appraisal well has shown good initial oil flow.

Appraisal well AASE-11X ST 1 was spudded on 5 February and has now been placed on production at an initial flow rate of 1,635 bopd using a 32/64" choke, Circle said.

Following the successful completion of the AASE-11X ST1 well, the rig has been mobilised to drill the appraisal well AASE-12X, which is located in the south central part of the AASE field.

Production from the AASE and Geyad fields averaged 8,264 bopd (gross) through March 2012 and following connection of the latest well AASE-11X ST 1, has risen to 10,000 bopd. Cumulative production from the NW Gemsa Concession has now exceeded 7.9 million barrels of 42 degree API Crude oil.

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 includes 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 (50pc interest and operator); Circle Oil Plc (40pc interest) and Sea Dragon Energy (10pc interest).

"This well result further proves up the north western flank of the AASE field," said Circle Oil chief executive Professor Chris Green. "The rig has now being moved to drill the AASE-12X well, which is intended as an infill producer for the AASE field, as part of the overall plan to improve the productivity of the NW Gemsa accumulations."

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