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.

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

Nobody seems interested in this one.....but this is a vastly underestimated explorer/producer with a smallish market cap......100 million oil barrel discovery confirmed today !...(estimated discovery that is...)

"Circle Oil Plc (AIM: COP), the Middle East and Africa focused oil and gas exploration, development and production company, announced the preliminary results of drilling of the well EMD-1 in the Mahdia Permit, offshore Tunisia.

The El Mediouni-1 well (EMD-1) is located within the north central area of the Mahdia Permit in a water depth of 240 metres, 120 km east of the port of Sousse. EMD-1 was spudded on 8 June 2014 and drilled to a TD of 1,200 metres MD in the Upper Ketatna carbonates. The stratigraphy encountered in the well was exactly as prognosed and very good light oil shows were encountered both in the Lower Birsa carbonate primary target and the Upper Ketatna carbonates secondary target over a combined interval of 133 metres."

Liberum note:
"Drilling results
Results from the El Mediouni-1 well (EMD-1, Circle 100%) in the Mahdia Permit, offshore Tunisia show that it encountered very good light oil shows in both the primary and secondary target horizons. Using known reservoir and fluid parameters from equivalent formations in the Gulf of Hammamet, management estimates most likely recoverable prospective resources discovered by the EMD-1 well are c.100 mmb oil.
Appraisal required During the drilling of the well, hole conditions deteriorated rapidly and attempts to log failed. The well was suspended before an evaluation could take place. Circle has been granted a 6 month extension to the Mahdia permit to January 2015, with renewal periods, and will now move to appraise the discovery as quickly as possible.
View This could be a very significant discovery, worth more than 80p / share if management’s initial estimate of resources is confirmed. We retain our Buy recommendation and will review valuation as more detail becomes available. At present, our 45p PT reflects just our ~30p value of Morocco + Egypt plus the risked value of firm wells, largely this EMD well. There could be further material upside from other new ventures as management looks for new ventures."

Sp still rising....amazes me, the lack of interest here....