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
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
