Circle Oil abandons exploration well in Tunisia

Circle Oil has plugged and abandoned the Bou Argoub-1 exploration well in the South West Belli area of the Grombalia permit in Tunisia following insufficient results.

Circle Oil has plugged and abandoned the Bou Argoub-1 exploration well in the South West Belli area of the Grombalia permit in Tunisia following insufficient results.

The well came up dry after it was drilled to a total depth of 1520 metres, which commenced in October.

Oil and gas shows were encountered in the Bou Dabbous reservoir rock from 1109.5 to 1199.5 metres while weak oil and gas shows were detected in the Abiod formation from 1432.5 to 1520 metres.

While the initial results from the Bou Dabbous formation showed some promise, Circle said log analysis from the limestones at the location revealed insufficient reservoir quality and hydrocarbon saturation to produce hydrocarbons at commercial rates.

Chris Green, Chief Executive Officer of Circle, said: "We have encountered a good thickness of reservoir rock showing the presence of hydrocarbons in the Bou Dabbous formation. This is a proven hydrocarbon producing area with both current and historic production in production licences within and around the concession. Reservoir quality and hydrocarbon saturation is known to vary across the acreage. As a result, the upside prospectivity of future targets remains."

Circle will now fill in the well before moving the rig south to the Ras Marmour permit in preparation to drill the Sedouikech exploration well.

Sedouikech will be drilled to a planned total depth of 2350 metres targeting the Early Cretaceous Lower Meloussi sands, productive in the nearby Robanna and Mazrane fields.

RD

Recommended

A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.3%, but can you trust it to deliver?
Share tips

Persimmon yields 12.3%, but can you trust it to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022
Britain’s ten most-hated shares – w/e 12 August
Stocks and shares

Britain’s ten most-hated shares – w/e 12 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
16 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022