Circle Oil PLC (COP.LN), an international oil and gas exploration, development and production company, said Monday 2014 will be a very active year operationally with substantial drilling activity in all areas of operation.

MAIN FACTS:

-Exploration drilling in Morocco , onshore and offshore Tunisia , onshore Oman and development drilling in Egypt will be augmented with work on the new Beni Khalled permit.

-In Egypt , operations have continued on the NW Gemsa Permit with current gross production of 11,100 barrels of oil per day, or bopd and 11.8 million square feet per day, or MMscf/d, of gas giving total gross daily production of 13,150 barrels of oil equivalent per day, or boepd.

-Cumulative production to date is 13.7 MMbo and 3.4 billion cubic feet, or bcf, of gas giving at total cumulative production of 14.3 MMboe.

-Receipts from EGPC for the year are expected to be in-line with forecast and are also expected to be higher than those in 2012.

-On the back of increased gross production levels of 3.75MMbo for 2013 up from 3.16MMbo for 2012, receivables due at year-end are forecast to be lower than those at previous year end.

-In Block 49, the Company expects to drill one exploration well in the first half of 2014; requisite drilling rig tender documents have been submitted and a well location has now been agreed.

-In Block 52, the 2013 2D inshore marine seismic was tendered and awarded and the vessel is presently expected on site early Q1 2014.

-Acquisition program will target the three identified inshore prospects to delineate and rank them for drilling; farm-out process continues and, at present, two companies are evaluating the data.

-In Morocco , production has continued throughout H2 of 2013 in line with expectations in the region 6.8-7.0 MMscf/d gross, fulfilling existing commercial contracts.

-Shares at 0855 GMT up 1 pence, or 3.18%, at 20 pence valuing the company at 110.52 million pounds.
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