Circle Oil has achieved first production of oil in Egypt at its Al Amir Development Lease area in the North West Gemsa Permit.
The Ireland-based independent oil and gas company, with interests in Egypt, Morocco, Namibia, Oman and Tunisia, announced that production commenced at approximately 1450 barrels per day (bpd), and should reach up to 3000 bpd in the coming months.
“This is a very significant step forward for Circle Oil as we have now become an oil and a gas producer. It also reinforces and confirms the company’s decision to balance its exploration strategy to seek out and deliver on lower risk prospects with good short term earnings potential,” said David Hough, CEO of Circle Oil.
Circle has stated that it is their intent to increase production from the Al Amir Development Lease, both through the existing wells and by drilling successful additional appraisal wells.
“We are also very pleased to have logged potentially significant hydrocarbons in our latest exploration well, Shehab-1, in Egypt. We look forward to drilling this prospect at an updip location in the future,” added Hough.
