Circle Oil, the AIM listed international oil and gas exploration, development and production company, has reported that its Egyptian oil fields are now producing over 11,000 barrels of oil a day.
In an update to investors, the resources company said that gross oil production at its AASE-17 Well and Geyad fields averaged 10,631 barrels of oil a day through May 2013. Cumulative production from the NW Gemsa Concession has now exceeded 11.8 million barrels of 42 degree API Crude oil.
According to the company, the overall production rate of 13,000 barrels of oil equivalent per day (oil plus gas) for the AASE and Geyad fields represents an increase of 30 per cent from the start-up of gas production in 2013.
“This well has provided additional Shagar production potential to complement our impressive 2013 production rates. Circle’s net share of production has been in excess of 4,000 bopd since early April, with gas adding a further net 4.6 MMscf/d (837 boepd). The rig has now been relocated to the north of the Geyad permit to drill Shehab-2, an exploration well updip of the Shehab-1 well. If successful the well has the potential to further add to both our reserves and daily production levels,” Professor Chris Green, chief executive of the exploration group, said.
