THIS NEWS WILL CERTAINLY MAKE THE SHARES INCREASE WHEN IT IS ANNOUNCED.


In March 2003, First African Oil Corporation, a wholly owned subsidiary of
Circle signed a two year exclusive reconnaissance licence with the Government
of Namibia covering approximately 146,000 km2, an area more than half the size
of the UK. The Licence is one of the largest in Africa and the Namibian
Government holds a 10% carried interest. Within this concession area, and with
the benefit of a valuable dataset of previously acquired technical information,
Circle believes there is potential to produce significant quantities of
valuable hydrocarbons. An aerogravity survey was carried out during the summer
at a cost of 415,000 and initial results of the survey are very encouraging.
The final report on this programme is due within the next few weeks.

Maybe significant, maybe not. But whatever is/is not announced, doubt whether they will have found oil so soon, it's far too early for that! Still, if this guy has indeed got "extensive contacts", especially in the Gulf States, then it can only be good news for attracting the right kind of cash-rich partners as per the Company's original mission statement. Either way, Co. appears to be heading in the right direction and doing what it said it would do.

Depends how much "positive news" has already been factored in to the sp. What do you reckon? Could be a very good medium to long-term HOLD, I think...?

Definitely, imho etc.

Noticed the sp was up to 27p on new year's eve with a mid-day jump of 5p! Wonder what could be happening behind the scenes?

Read a lot of stuff recently on bulletin boards as to how the prospects of an oil find can make these types of companies soar - maybe punters trying to push up the sp or are their claims realistic, I wonder?

Does anyone know what a bona fide oil find in the likes of Namibia might do to the sp in this particular case?

Has anyone done the fundamentals on this company - ? i.e what are they worth etc? I am a petroleum geologist and haven't heard of any exploration in Namibia to date, so this could move a lot on speculation! Might have to jump on board?

Press Release

04 November 2004 : Survey Results in Nambia

Circle Oil plc is pleased to announce the completion of a recent airborne gravity and magnetic survey of its concession in Northern Namibia. The survey was aimed at evaluating the hydrocarbon potential in an area with no previous seismic coverage or modern gravity or magnetic data. Interpretation of this data has defined basinal areas, regional lineaments and structural highs, each of which is critical in understanding the regional petroleum system.

A total of six deep basins were defined by the survey and four of these have been selected for additional surveying. The Company anticipates that, following an aggressive exploration programme over these areas, a number of new prospects will be brought to drillable status in the near future. Future activity will probably include additional gravity-magnetics and/or 2-D seismic surveys to
further refine the hydrocarbon potential of this large area. There are already two prospects, delineated by previous seismic programmes, to the west of the area surveyed that are ready for drilling

The survey was carried out over 75,618 sq. km. of the eastern portion of Circle's 146,000 sq. km. concession area of the Owambo (Etosha) Basin in northern Namibia. The Owambo basin is located about 500 km. north of Windhoek,
the capital of Namibia, and in its entirety covers approximately 268,000 sq. km. of Namibia and southern Angola. The detailed stratigraphy of the basin is
poorly understood due to the extensive blanket of post-Cenozoic Kalahari sediments. Most of the information is known from outcrops along the basin margins, from a small number of widely spaced wells, from limited seismic
coverage in the western half of the basin and from regional aeromagnetic and ground gravity surveys.

A reconnaissance soil gas survey conducted by a previous operator over a 10,000 square kilometer area contained several significant anomalies, suggesting active migration of petrogenic hydrocarbons from depth. These surface
petrogenic microseeps have an overall gassy to ntermediate compositional source. Anomalous surface microseeps over a surface-expressed anticlinal structure in the western part of the survey area have an oily to intermediate compositional source. There is a good correlation between higher hydrocarbon magnitudes at the surface and areas of structural deformation mapped at the surface and in the subsurface.

Examples of Proterozoic source rocks and production similar to those under evaluation in Namibia include Oman where these rocks in the South Oman and Ghaba salt basins contained proven reserves of approximately 3 billion barrels
of oil. In Eastern Siberia in the Lena-Tunguska province, Proterozoic source rocks and reservoirs contained proven reserves of 18 tcf of gas, 425 million barrels of condensate and 220 million barrels of oil while estimated reserves in the Sichuan Basin of South Central China from Proterozoic and Cambrian source rocks and Proterozoic reservoirs are 40 tcf of gas with 10% from the older reservoirs.

David Hough, Managing Director, commented,

'These results are most encouraging and further highlight the significant potential of this very large license area. A number of major oil companies have expressed their interest in Circle's Namibian prospects and these results will greatly strengthen our hand in any negotiations that may take place over the coming months.'

-Ends-

------------------------------------------

SP - up by 13% today on 2m volume already!

Alan,

SP has just reached a new peak today so not the ideal time to invest, in theory, at least! However the fact that hasn't been any significant announcement by them since 17 Dec and they still continue to rise (with only minor blips in profit-taking) might mean greater things to come. IMHO tough - rises mainly caused by "speculation" although key appointments, like the ex-Iraqi Minister, etc, are all very positive, signs, aren't they?

Fundamentals, off the top of my head, do not justify the current sp - nowhere near. Therefore a punt now @ 30p has to be a gamble pending trace element finds and/or mega JV deals with interested affluent PLCs with plenty of cap to invest......

Alan,

You asked about Fundamentals...

------------------------------------------------------------------------
Sector Turnover (m) Profit (m) EPS - Basic PE ratio Mkt Cap (m) NMS
0.0 0.0 0.0 - 0.0

ROE (%) Op Margin (%) Gross Gear (%) Divi Yield (%) Quick Assets (m) Net Asset Val PS (p)
0.0 0.0 0.0 0.0
------------------------------------------------------------------------

Hi All

I bought COP at 0.19p. Don't know anything about COP but the chart looks fine. Lots of big blue candles all near or above the 10 day moving average. There is some resistance (the long thin bit on top of the candle).



Good Luck All

Eddie

Hi, Eddie.

My mate uses similar software and he tipped COP just before Christmas which coincides with your Graph! He uses MAP?-lines, as well? I am no graph specialist myself but I'm obviously very interested to learn more about what forecasts they come up with? Can we presume you are a day trader or short term punter perhaps?

Do you have a short or long term target?

What do the graphs predict?

What's this: "(the long thin bit on top of the candle)"?

What software do you use and what is its accuracy?

Surely you don't invest in a company just because the graphs look good - or do you?

Hi markusantonius

I use sharescope & you can download a demonstration version or order a cd on line. It is free & you can learn how to work it. I use end of day data. But Candles can be used for any time period. Sharescope is very easy to use. www.sharescope.co.uk There are different packages, I use the end of day. The chart I drawn was from moneyam.


Good Luck

Eddie

Hi markusantonius

Did you down load sharescope ?

Regards

Eddie

Hi, Eddie.

I've been on website, as you suggested, above. But ShareScope charges for software CD's! I am definately a novice when it comes to chart reading but notice that your 19p. was bought around the cross-over of the red and blue lines on the upward paths - obviously no coincidence!

How do you interpret the graphs now, Eddie? What do they indicate to you? You mention Candle resistance - what is this, pressure from potential likely sellers?

Do you have a selling target already set in your mind?

Cheers,

Kus.

Hi Kus

The demonstration version is definatly free. (the big flashing arrows) Down load demo will allow you to get the software. Yes I bought as the 10 day moving average started to move up through the 20 DMA. As you can see the candles started to be on top of the 10 DMA. This is a short term indicator. So you would have to decide if you want to keep giong in & out of the share or hold. I'm going to hold for now. You should be looking out for news either good or bad. This is usualy reflects in the candles. A book called beyond candles is available from the book shop on moneyam. I have found this very usefull when looking at the candles. I would say, if your prepared to invest then invest in your own company first. Get sharescope it will help you with your choice of stock.

Regards

Eddie

Thanks for this, Eddie. Very interesting.

For what it's worth, I agree with the results of your analysis although for different (non-theoretical) reasons! Personally I think the next announcement will be positive - but it's just a matter of degrees and how much of this has already been factored into the sp? The longer we wait, the more likely there will be up & down curves with some degree of profit taking - and maybe even a downward correction if it goes beyond mid Feb. However 35p+ in the short term is my prediction. I think this is achievable reading between the lines.

Are you a day trader or is this one just balancing out the portfolio?

Managed to find the flashing arrow, Eddie! Are you a "Gold", "Plus" or "Pro" member? It appears expensive! Is this ALL you use to aid your decision-making?

Hi kus

No I'm not a day trader. But that's not to say I couldn't be. Its what ever system suits you best. If you have a reasonable amount of money you may be able to day trade. I would not invest, day trade without a good system, I know I was that man! I couldn't see without a chart, that the stock I chose had took a big dive. So be carefull.


Regards

Eddie

Hi kus

Gold. Don't subscribe untill you try it. See if it is for you.

Regards

Eddie

Hi Kus

How have you gone on ?

Yes oil is looking good, as you can see lots of news for DES. We are waiting for DES to announce farm out partners. The stock is likley to rocket. But as always keep your eye on the news.


Regrds

Eddie

Ordered the 'Gold' CD, Eddie. Thanks. (I don't like downloading anything.)

My mate and friends have held Desire Petroleum for many years (Syndicate) and they are excited right now! By "rocket", what do you mean? If COP manage to lure "farm out partners" [highly probable, IMHO) then what do you/your software/graphs predict can be reasonably expected for the sp?

Do you have any concerns over "bad press" on the other BB's around?

K.

COP now up to 33p!!!!! What's your target, Eddie?