Wednesday, August 31, 2011
Circle Oil plc
Circle Oil announced the following update regarding the Geyad-5X water injection well drilled to support production in the Geyad Field.
Geyad-5X
Geyad-5X, located to the south-west of the field and downdip of the Geyad-1X ST discovery well in the Geyad Development Lease, was drilled to 7,350 ft MD in the Upper Rudeis. The main objective for this well was to appraise the Shagar and Rahmi sandstones of the Kareem Formation in a downdip location and to provide water injection to support oil production from the updip Geyad field wells. The Shagar sands were encountered with 15 ft MD of net reservoir, an average porosity of 14% and perforations made between 6,510 and 6,525 ft MD. The Rahmi sands were encountered with 15 ft MD of net reservoir, an average of 13% porosity and perforations made between 6,583 and 6,899 ft MD. As expected, below the field oil-water contact both sands were found to be water bearing. The well has been completed as an injector.
The rig has now been mobilized to drill the water injector well Al Ola-2, located on the south-eastern flank of the Al Amir SE field, downdip of the Al Ola-1X producer. The well is planned to appraise both the Shagar and Rahmi sands for injection in that location.
The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometers, lies about 300 kilometers 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 license 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 continue on schedule. The rig will now move to start drilling the Al Ola-2 injector well situated on the Al Amir SE field. The water injection program is part of the continuing plan to increase production rates for the medium and long term."
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