Circle Oil Reports Egyptian Discovery
October 3, 2008
Britain’s Circle Oil PLC said Friday drilling in North West Gemsa Concession in Egypt produced both oil and natural gas.
“These events leave the company in a very strong position,” Chief Executive Officer David Hough said. “They give us the options to Â… carry out our ambitious plan to drill 15 wells over the next 24 months on our North African licenses.”
The well in Egypt is able to sustain production rates of 3,388 barrels of oil and 4.25 million cubic feet of gas per day, Thompson Financial reported.