Circle well finds oil in Egypt
International exploration firm Circle Oil has found oil and gas at a well in Egypt.
In an update to markets, Circle said the new Geyad well was flowing at 1159 barrels of oil equivalent per day, which is used to measure oil and gas production. This pushes Egyptian production to 9,100 boepd.
Circle has produced some nine million barrels of oil from its Egyptian licences, which are located in an area about 300km south-east of Cairo in the Gulf of Suez Basin.
Circle Oil has a 40 per cent interest in the licence, with operator Vegas Oil and Gas holding a 50 per cent, and Sea Dragon Energy holding the remaining 10 per cent.