Circle Oil PLC (COP.LN) said Thursday that it plans to test and complete its AASE-18 Well in Egypt after successful drilling that started on July 7.

MAIN FACTS:

-AASE-18 encountered the Kareem sands over 200 feet high to prognosis with 34 feet of net pay in the Shagar and 32 feet of net pay in the Rahmi, both zones of good reservoir quality.

-Following successful logging, the well is now planned to be tested and completed as a Rahmi producer and the test results will be provided in due course.

-AASE-6X was recompleted as a Rahmi producer on July 30, 2013 and placed on production at a daily rate of 700 bopd, or barrels of oil per day, and 0.637 MMscf/d, or million standard cubic feet per day.

-Shehab-2 Well; drilling started on June 19, 2013 and found the target Kareem sands to be water bearing.

-However, this well encountered a potential gas bearing interval in the Upper Rudeis limestones from 5,220.5 to 5,235 feet MD and following logging a hydraulic fracturation was completed on 30 July 2013 .

-The test was unsuccessful with no flow to surface and the well has now been temporarily abandoned whilst alternative stimulation options are considered.

-The current gross daily production rate from the AASE and the Geyad Field is now standing at 11,227 bopd and 12.3 MMscf/d, 2,238 boepd, or barrels of oil equivalent per day.

-Cumulative production from the NW Gemsa Concession has now exceeded 12.3 million barrels of 42 degree API crude oil.

-Shares at 0725 GMT, up a penny or 3.3% at 20 pence valuing the company at GBP107 million.
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