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.

Operating Update Egypt

Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field ("AASE") and the Geyad field

AASE-16 Well
AASE-16 was spud on 1 March 2013 and is located on the central western flank of the AASE field, downdip of the AASE-10X Rahmi sand water injector. The well's objective was to appraise both the Shagar and Rahmi sands for injection in that location. The well was successfully drilled to a total depth of 11,100 ft MD into the Upper Rudeis Formation. The well encountered 26 ft of water bearing net reservoir in the Kareem Shagar sand (gross interval 10,807 to 10,834.5 ft MD) and in addition, encountered 31 ft in the underlying Rahmi sand in poor quality reservoir facies. The Shagar zone will be perforated and testing is planned to be conducted shortly. The results will be announced in due course.

AASE-17 Well
Following the successful completion of the AASE-16 well, it is planned to mobilise the rig to drill the infill Shagar producer well AASE-17, located centrally in the AASE field adjacent to the Rahmi producer AASE-14ST, which encountered 16 ft of net oil-bearing pay in the Shagar sands.

Production
Gross production from the AASE and Geyad fields is currently 9,721 bopd and 10 MMscf/d (11,541 boepd). Cumulative production from the NW Gemsa Concession has now exceeded 10.9 million barrels of 42 degree API Crude.


Water Injection
Cumulative injection to date is 9.2 million barrels from three injectors in AASE and one in Geyad. The current injection rate is approximately 20,840 bwpd.

The NW Gemsa Concession, containing the Al Amir and Geyad Development Leases, covering an area of over 260 square kilometres, lies about 300 kilometres 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 licence 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
"The success of the AASE-16 well in finding good Shagar reservoir sands below the oil-water contact is an excellent result. This well should provide excellent pressure support to the central area of the field to increase sweep efficiency and ultimate recovery. The rig is planned to be moved next to drill well AASE-17, which is intended as a producer for the Shagar sands nearby the AASE-14ST Rahmi sands producer well in the AASE field as part of the overall plan to improve the productivity of the NW Gemsa accumulations."

Circle Oil Plc (AIM: COP) is pleased to announce its results for the year ended 31 December 2012.

· Increase in Group revenue due to increased production and higher oil and gas prices resulting in sustained profitability

· Significantly improved cash receipts from EGPC during 2012

· Convertible loan of US$30 million extended for three years to July 2015

· Two year US$12.5 million secured working capital facility signed with Ahli United Bank Egypt in December 2012

Operational Highlights

· 100% success in five well Egyptian drilling campaign comprising four producing and one water injection wells

· Egyptian gross oil production up 13% to 3.17 MMbo from 2.81 MMbo

· Moroccan gross gas production up 86% to 1.47 bcf from 0.79 bcf

· Moroccan 8 inch gas pipeline completed early 2012 resulting in increased gas off-take.

Post Period End

· Completion of 12 inch gas pipeline in Egypt facilitating commencement of gas production and associated liquids in early 2013

· Water injection programme continuing in Egypt which is aimed at improving recoverability

· Further increases in oil and gas production in Egypt and Morocco during 2013 to date

· Egyptian gross oil production c. 10,200 bopd and gross gas production 11 MMscf/d in April 2013

· Moroccan gross gas production at 6.3 to 6.7 MMscf/d since early April 2013

StockMarketWire.com
Output from Circle Oil's Al Amir SE and Geyad field in Egypt has increased to 13,000 barrels of oil equivalent per day - 30% up since the start of the year.

And Circle says the AASE-17 well on the Al Amir SE field has provided additional Shagar production potential to complement its impressive 2013 production rates.

The AASE-17 was spud on 17 April and is located in the central western part of the AASE field, 200 metres south-west of the AASE-14ST Rahmi sand producer.

The well's objective was to appraise both the Shagar and Rahmi sands, and for Shagar sand production at that location. This well was sidetracked for geological reasons on 16 May 2013 and was successfully drilled to a total depth of 9,905 feet MD into the Upper Rudeis.

It encountered 12 feet of net reservoir in the Kareem Shagar sand (gross interval 9,561 to 9,579 feet MD) and an additional 16 feet of net reservoir in the underlying Rahmi sand. The Shagar sand interval has been perforated and the well flowed oil and gas on test on 17 June 2013 at an average rate of 3,665 bopd and 1.4 MMscf/d respectively, on a 48/64-inch choke. The well is now producing following completion of testing at an initial rate of 1,134 bopd and 1.31 MMscf/d on a 24/64-inch choke.

The initial total daily production rate from the AASE and Geyad fields following connection of the AASE-17 well is now standing at 11,038 bopd and 11.6 MMscf/d (2,118 boepd).

The rig was released to drill an exploration well, Shehab-2, located updip of the Shehab-1 well, which encountered water bearing Kareem sands.

This prospect has been remapped using the reprocessed 3D seismic data and an updip prospective closure, similar in size to the adjacent Geyad field. It is to be tested with the Shehab-2 well which was spud on 19 June and is expected to take 25-30 days to complete.

Circle says gross oil production from the AASE and Geyad fields averaged 10,631 bopd in May. Cumulative production from the NW Gemsa concession has now exceeded 11.8 million barrels of 42 degree API crude oil.

The overall production rate of 13,000 boepd (oil plus gas) for the AASE and Geyad fields represents an increase of 30% from the start-up of gas production in 2013. Water injection in the Al Amir SE and Geyad fields is currently about 28,000 bwpd and the cumulative injection to date is about 10.7 MMbw. The NW Gemsa concession, containing the Al Amir and Geyad development leases, covering an area of over 260 square kilometres, lies about 300 kilometres 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 licence 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).

Chief executive Prof Chris Green said: "This well has provided additional Shagar production potential to complement our impressive 2013 production rates. Circle's net share of production has been in excess of 4,000 bopd since early April, with gas adding a further net 4.6 MMscf/d (837 boepd).

"The rig has now been relocated to the north of the Geyad permit to drill Shehab-2, an exploration well updip of the Shehab-1 well. If successful the well has the potential to further add to both our reserves and daily production levels."

StockMarketWire.com
Circle Oil has entered into an agreement with Exxoil to farm into the Beni Khaled production licence which is centred in the Cap Bon peninsula, Tunisia.

Under the terms of the agreement Circle will acquire an initial 30% interest in the licence in return for funding a 50 sq km 3D seismic programme and one well, with Circle's funding expected to be US$5m.

The agreement further allows for Circle to increase its share in the licence to 50% in two equal stages by funding one well in each stage up to US$2 million per well.

The farm-in will be funded from Circle's existing cash flow, resources and facilities. Exxoil will remain as operator of the Licence.

StockMarketWire.com
Circle Oil is to acquire the remaining 30% working interest in the offshore Mahdia exploration licence area in Tunisia.

The company's wholly-owned subsidiary, Circle Tunisia, has agreed to acquire the interest from Tethys Oil and Mining for $3m, payable in two separate tranches.

The transaction is subject to approval by the Tunisian authorities.

Circle chief executive Prof Chris Green said: "We are pleased to announce this acquisition which increases our working interest to 100% in this prospective offshore permit and is another step in strengthening our portfolio.

"The increased interest provides us with greater flexibility for progressing this permit, and maximising value in the event of a successful well."

Investec Buy 19.25 19.13 68.00 68.00 Reiterates

StockMarketWire.com
Circle Oil is increasing production of oil and gas at its Al Amir SE Field ("AASE") and the Geyad Field in Egypt.

The AASE-18 well was spudded last month. The objective was to appraise both the Shagar and Rahmi sands, and for Rahmi sand water injection at that location to support the updip producers.

The well encountered the Kareem sands over 200 feet high to prognosis with 34 feet of net payin 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.

Prof Chris Green, CEO, said: "Circle is very pleased with the results of the AASE-18 well, which will provide additional oil and gas production from the Al Amir SE field.

"In addition, the recompletion of AASE-6X for Rahmi production has resulted in a further increase in the total gross daily production to over 13,000 boepd."

Circle Oil is on a higher BREAK OUT today
Since reaching 16p low the pattern was rise , small retracement and rise higher again.

Good volume once again, with larger trades at middle price earlier from institutions

StockMarketWire.com
Circle Oil's revenues rose by 20% to $42.3m in the six months to the end of June and profits were up 10% at $14.7m.

Earnings before interest, tax, depreciation and amortisation increasef by 34% to $25.2m and cash generated from operations after working capital changes rose by 69% to $23.7m.

Chief executive Professor Chris Green said: "The interim results show Circle's efforts in exploration and development activities and increased production levels have been rewarded with further improved profitability.

"Daily oil and gas production levels are at a record level reflecting the benefit of previous investment and activity. We are also starting to move forward on our other existing assets and the recently added new Tunisian assets.

"Our daily gas production in Morocco has risen to in excess of 6.8 MMscf/d gross.

"The addition of five production wells and two water injection wells in NW Gemsa over the last 12 months has further increased oil and gas productivity which now stands at approximately 13,000 boepd gross. The delayed Moroccan drilling programme which will commence in H2 has been increased to 12 wells plus two workovers.

"The back to back drilling, combining both 2013 and 2014 drilling programmes, is designed to further enhance our Moroccan delivery and revenue stream. We have also tendered an additional 2D seismic survey for offshore Oman to delineate inshore exploration drilling targets."

Investec Buy 18.25 18.25 68.00 68.00 Reiterates

Liberum Capital Buy 18.25 18.25 50.00 50.00 Retains

Today is the day, and early on the morning

and already up to 19.25p + 1p

volume is high with 1.1M

Monday's note .....

'Buy' Circle Oil, Liberum says

The market's worries about political instability in Egypt have left Circle Oil (COP.L) undervalued, according to Liberum Capital, which has a 'buy' recommendation on the shares.

Yesterday's interim results from the oil and gas explorer, which has operations across North Africa and the Middle East, showed revenues up 20% year-on-year to $42 million and post-tax profits up 10% to $14.7 million.

Liberum's Andrew Whittock said the outlook for the second half is encouraging, with the drill bits ready to spin on its delayed Moroccan drilling programme.

'With the development of its fields in Egypt almost complete, Circle should benefit from a strong increase in free cash flow - we estimate that it will generate more than US$300m of post-tax cash flow over 2013-17,' he said.

'We believe the share price is over-discounting Egyptian risk and fails to recognise Circle’s capacity to invest for growth both within existing countries and others in the region. Circle is one of the most over-looked small cap E&Ps.'

Shares in the group closed at 18p on Monday, down 0.25p or 1.4%.

Another good start of the day with a rise of 0.75p and now standing at 20.50p

StockMarketWire.com
Circle Oil (LON:COP), the international oil and gas exploration, development and production company, announces that Thomas Anderson, Chairman of the Company, has decided to step down from his position, effective from the AGM, held earlier today at which all resolutions were passed. Nicholas Clayton has been appointed as Interim Chairman.

Thomas Anderson commented:

"I have been delighted to serve as a Director and as Chairman of Circle since 2003. In this time I have had the pleasure of working with a team dedicated to building a world class portfolio of assets and a profitable business on behalf of shareholders. Since taking on the position of Chairman, the company has grown considerably, as has the workload required of its Board. I feel now is the right time to step down and allow a new Chairman to take the helm as Circle continues its development."

moving up nicely news due?

Bought some at 18.50p

Some interest this morning as is on the bounce, yesterday there was some good finish after some days of falling

23 July 2014 - TWO Irish oil exploration firms are expecting a cash boost after the Egyptian government vowed to pay all arrears owed foreign oil within three years.

Petroceltic and Circle Oil are owed a combined $109m (€80m) from the Egyptian oil authority EGPC.

The State aims to accelerate repayments of arrears in the oil and gas industry, which stands at almost $6bn, according to sources. It previously said it would repay half that amount by the 2017 timeframe

Davy stockbrokers said the reports are a further sign of the rehabilitation of the oil and gas industry in Egypt.

“For Petroceltic, the improvement in arrears is already underway with roughly half of the c.$80m debtor position on late payment,” said analyst Job Langbroek.

“This compares with a total receivable position of around $120m at the end of 2012.”

About half of the $80m owed to Petroceltic, which produced 20,354 barrels of oil per day in Egypt, is overdue.

The firm recently revealed plans to raise $100m to expand exploration activity there and in Kurdistan, despite writing off $37m due to unsuccessful wells in Egypt, Bulgaria and Romania last year

Circle, which produced more than 11,000 barrels of oil per day there, is owed $29m, with $21m overdue.

Receivables decreased by 11pc last year, despite a 16pc increase in oil sales for 2013.

More positive news yesterday

Circle planning to drill Oman asset / Thursday, July 24, 2014
By Geoff Percival

Circle Oil is set to further develop its Middle Eastern assets later this year with both drilling and farm-out activity planned.
The work is planned for its operations in Oman, where Circle has held two licences for the past nine years — one onshore and one offshore.

The company is aiming to drill an exploration well at its Block 49 concession, located close to the Saudi border, and has similar plans for its offshore Block 52 licence in the Arabian Sea.

Circle is also looking for a farm-out partner, to help it advance the latter offshore asset.
The company is understood to have been in negotiations with interested parties for a number of months.

In Oman — the largest non-OPEC affiliated hydrocarbon producer in the Middle-East — Circle has been continuing evaluation of the potential of its two blocks this year and is awaiting the outcome of a bid for a third exploration block, as part of the country’s latest licensing round, which opened last year.

Circle’s primary assets are based in North Africa and, there, it recently commenced work on its maiden offshore drilling campaign on a licence it holds off the coast of Tunisia.

Last month, the Limerick company — whose operations are spread across Egypt, Morocco, Tunisia and Oman — said, on the back of a strong set of annual results, that it is looking to expand its presence in northern Africa in a bid to further enhance shareholder value.

Those results — which detailed record revenue and production growth for 2013 — showed a near 30% rise in annual revenues to €68.7 million and a 15% boost to operating profits.
Management said that the next two years will be an exciting period for the company, with considerable activity being undertaken across all of its licence areas.

Chairman Stephen Jenkins added that the board intends to add additional projects within its existing regions of interest, with new projects and opportunities continuously being evaluated