Circle Oil PLC (COP.LN), an international oil and gas exploration, development and production company, said Monday 2014 will be a very active year operationally with substantial drilling activity in all areas of operation.
Circle Oil PLC (COP.LN), an international oil and gas exploration,
development and production company, said Monday 2014 will be a very active year
operationally with substantial drilling activity in all areas of operation.
MAIN FACTS:
-Exploration drilling in
Morocco
,
onshore and offshore
Tunisia
,
onshore
Oman
and
development drilling in
Egypt
will
be augmented with work on the new Beni Khalled permit.
-In
Egypt
,
operations have continued on the NW Gemsa Permit with current gross production
of 11,100 barrels of oil per day, or bopd and 11.8 million square feet per day,
or MMscf/d, of gas giving total gross daily production of 13,150 barrels of oil
equivalent per day, or boepd.
-Cumulative production to date is 13.7 MMbo and 3.4 billion cubic feet, or bcf,
of gas giving at total cumulative production of 14.3 MMboe.
-Receipts from EGPC for the year are expected to be in-line with forecast and
are also expected to be higher than those in 2012.
-On the back of increased gross production levels of 3.75MMbo for 2013 up from
3.16MMbo for 2012, receivables due at year-end are forecast to be lower than
those at previous year end.
-In Block 49, the Company expects to drill one exploration well in the first
half of 2014; requisite drilling rig tender documents have been submitted and a
well location has now been agreed.
-In Block 52, the 2013 2D inshore marine seismic was tendered and awarded and
the vessel is presently expected on site early Q1 2014.
-Acquisition program will target the three identified inshore prospects to
delineate and rank them for drilling; farm-out process continues and, at
present, two companies are evaluating the data.
-In
Morocco
,
production has continued throughout H2 of 2013 in line with expectations in the
region 6.8-7.0 MMscf/d gross, fulfilling existing commercial contracts.
-Shares at 0855 GMT up 1 pence, or 3.18%, at 20 pence valuing the company at
110.52 million pounds.
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