Monday, May 23, 2011
Circle Oil plc
Circle Oil announced an update regarding the Geyad-3 appraisal/development well together with details on the future development of the NW Gemsa Concession.
Geyad-3C Update
Geyad-3, located to the south-east of the Geyad-1X ST well in the Geyad Development Lease, was drilled to 5,635 ft MD in the Upper Rudeis. The main objective for this well was to appraise and bring into production the oil bearing Shagar and Rahmi sandstones of the Kareem Formation. The Shagar sands were encountered from 5,333 to 5,347 ft MD with 14 ft of net oil pay.
Circle announced that the Shagar interval was tested at a sustained rate of 1,316 bopd and 1.26 MMscf/d of gas on a 24/64" choke and the well will be completed for production. The underlying Rahmi sands were encountered but found to be of poor reservoir quality and were not tested. A secondary objective of the Belayim sands in Geyad-3 well was also encountered with 5 ft of calculated net pay, but it was decided not to test this interval at the present time.
The Geyad-3 well has proved up the South East extension of the field and added further confirmation of the field geometry. The next well proposed for the Geyad field is a westerly peripheral injector to be drilled later in 2011.
The well is currently rigging down and the rig is preparing to mobilize to drill the injector well Al Amir SE-8X, located on the South West flank of the Al Amir SE field.
The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometres, lies about 300 kilometres southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. The concession agreement includes the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).
Prof Chris Green, CEO, said, "I am pleased to report another successful result as the partnership's plans in NW Gemsa remain on schedule. The rig now moves to start drilling the second injector well on Al Amir SE as part of the development plan to increase production rates for the medium and long term."
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