01 September 2006: Circle Oil Contracts with TGS-NOPEC to Conduct Oman Marine Seismic Survey
Circle Oil plc (AIM:COP), the international, oil and gas exploration and development group, is pleased to announce that Circle Oil Oman Offshore Ltd, a wholly-owned subsidiary, has signed a contract with TGS-Nopec Geophysical Company (UK) Limited (“TGS”) to acquire 2D seismic data over Block 52, offshore Oman. The survey will include some 6000 kilometres of seismic data in addition to shipborne gravity data. TGS will acquire the data using the Russian research vessel, Akademik Lazarev, which is expected to arrive on site and begin the survey in mid-October. Circle has already completed an environmental impact study prior to commencement of the survey.
Block 52 is located off the southwestern coast of the Sultanate of Oman and extends some 600 kilometres northeast from the Yemeni border. The Block also extends offshore for up to 150 kilometres. Circle has the exclusive right to explore for oil and gas on this 90,760 square kilometre block.
The results of this survey will delineate prospective areas within a recently identified but, as yet, undrilled salt basin. It is anticipated that the sediments present in this basin will be prove to be of a similar age and origin to those in the prolific South Oman Salt Basin which lies onshore some 100 kilometres to the northwest.
Commenting on the upcoming survey, Mr. Jack Keyes, Chief Operating Officer for Circle Oil, said:
“This is a very important survey both for Circle Oil and the Sultanate of Oman. It will provide the cornerstone to an ambitious exploration program that could open up several new hydrocarbon plays.”
Circle has the largest licence holding of any company in Oman. In addition to Block 52, the company also has an ongoing exploration program in onshore Block 49. Worldwide, the company is active in exploration in the Owambo Basin, Namibia; in the Caribbean Sea, offshore Panama and in the Rharb Basin, Morocco.
Enquiries:
Circle Oil plc
David Hough, CEO (+44 20 7638 9571)
Jack Keyes, COO (+1 281 920 0055)
Citigate Dewe Rogerson (+44 20 7638 9571)
Media enquiries: Martin Jackson/George Cazenove
Analyst enquiries: Nina Soon