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

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023