Circle Oil completes water injection well
Circle Oil says it has successfully dug a water injection well to support production of the Al Ola 1 and 2 and AASE production wells at its Zeit Bay site in Egypt.
Circle Oil says it has successfully dug a water injection well to support production of the Al Ola 1 and 2 and AASE production wells at its Zeit Bay site in Egypt.
Currently production from the asset is around 9,100 barrels of oil per day.
Circle's Chief Executive, Professor Chris Green said: "This well result further proves up the southern extent and pressure communication of the AASE field and will add to the ultimate recovery from the field.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The rig will now drill the Geyad-6 well, which is intended as a central infill producer for the Geyad field, and is part of the overall plan to improve the productivity of the NW Gemsa accumulations."
Circle Oil shares were up 3.3% at 11:04.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap