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.

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.

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"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.

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