19 April 2007
UK-listed minnow Circle Oil has struck a deal to farm into two blocks in Tunisia controlled by Exxoil and Tunisian state oil company Etap, writes Iain Esau.
Circle will take a 36% stake in the Grombalia permit, onshore and off northern Tunisia, where Exxoil and Etap each previously held 50% interests.
UK-listed minnow Circle Oil has struck a deal to farm into two blocks in Tunisia controlled by Exxoil and Tunisian state oil company Etap, writes Iain Esau.
Circle will take a 36% stake in the Grombalia permit, onshore and off northern Tunisia, where Exxoil and Etap each previously held 50% interests.
The work programme includes acquiring 2D seismic shortly and drilling two exploration wells between late 2007 and early 2008.
The first well is set to be drilled into a fault block targeting a horizon that is producing in an adjacent field, while the second probe will target a shallow water structure close to the shore.
Circle will also enter the Ras Mamour permit in southern Tunisia, taking a 23% working interest from Exxoil and Etap, which originally held stakes of 45% and 55%, respectively.
An exploration well is set to spud within the next 12 months aiming for a prospect close to the producing Ezzaouia field.
© Upstream 2007
