Success for Circle Oil in Egypt
Exploration group reports increase in daily production to over 13,500 barrels a day
Chief executive Professor Chris Green said Circle Oil is “very pleased” with developments in its Egyptian oil and gas interests. Photograph: Frank Miller / THE IRISH TIMES
Circle Oil, the international oil and gas exploration, development and production company, has reported further appraisal success in the Al Amir SE Field (AASE) and the Geyad Field in Egypt.
According to the AIM-listed, Limerick based exporation group, oil production is now at over 11,200 barrels of oil per day, or over 13,500 barrels when gas condensate is included.
Professor Chris Green, chief executive of Circle Oil, said it was “very pleased” with the results of the well, “which will provide significant additional oil and gas production from the Al Amir SE field.”
The exploration group recently recorded first-half revenues of $42.5 million (€ 32.1 million), up 20 per cent from the previous year. Thomas Anderson recently stepped down as chairman of the group, and was replaced by Nicholas Clayton as interim chairman.