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Circle Oil strikes oil in Egypt concession

Circle Oil strikes oil in Egypt concession

United Kingdom-based Circle Oil says it has struck oil at one of its appraisal wells near the Gulf of Suez Basin.
Circle said Thursday the onshore well in the North West Gemsa Concession, located about 190 miles (300 kilometers) southeast of Cairo, tested at an average of 5,785 barrels of oil per day and 7.8 million standard cubic feet per day of natural gas.
An assessment of the reserves has yet to be completed.
The find was Circle's fifth in the last six wells drilled in the concession, in which it has a 40 percent stake. Operator Vegas Oil and Gas has a 50 percent stake while Premier Oil holds the remaining 10 percent.
Circle also has operations in Morocco, Namibia, Oman and Tunisia.