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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Circle Oil has completed the acquisition of a 60% interest in the Oulad N'Zala permit in the Rharb Basin, Morocco and plans to start production next month.

The permit, 40%-owned by Office Nationale des Hydrocarbures et des Mines, contains the ONZ4 gas discovery well that has been tied into the local gas infrastructure.

Production from the ONZ4 well is expected to begin on 15 September.

“The signing of the Oulad N'Zala permit and ONZ4 production commencement agreement marks the beginning of revenues for Circle,” said chief executive David Hough.

“This is a significant event for the company and I believe a foretaste of the future as Circle expands its production in Morocco and other areas.”

• News Channel