Circle gets respite from Egypt Woes - NATURAL GAS AFRICA

March 15th, 2016

Circle Oil, the London-based independent with modest North Africa oil and gas production, last month blamed its tight cash flow and financial pressure on the ongoing “uncertainty and irregularity of US dollar receipts" from state-owned Egyptian General Petroleum Corporation (EGPC).

On March 15, however, it had some positive news. Negotiations with the World Bank’s International Finance Corporation (IFC) on suspending a redetermination by December 2015 of its Reserve Based Lending had been postponed, said Circle, “until 15 April 2016, with any repayments required under the RBL facility, which is currently drawn to $57.5 million, being postponed until that date.”

IFC had further, said Circle, indicated its willingness to consider further waivers as may be required while the company’s strategic review, led by the UK bank Investec, continues. Options for that include sale of one or more assets, a merger, raising fresh capital, or an outright sale of Circle.

SDX Energy Hits Oil Pay in Egypt - E&P

Monday, February 8, 2016

The Al Amir SE 23 (AASE-23) development well in North West Gemsa in Egypt has encountered oil-bearing reservoir sections in the Kareem Rahmi and Shagar formations and will be completed as a producer in the Shagar, according to SDX Energy Inc.

The well was drilled to a depth of 3,018 m (9,900 ft) where both the Shagar and Rahmi oil reservoirs were encountered. Log analysis indicates 7 m (23 ft) of net Shagar oil pay and 9 m (28 ft) of net Rahmi oil pay, the release said. The well has been completed as an oil producer in the Shagar and has flowed on test light 42.2 degree API oil at a rate of 3,860 barrels of oil per day (bbl/d) with 2.55 million standard cubic feet of associated gas per day (MMscf/d).

The well will be placed in production in the coming days as soon as the completion rig has moved off location, the release said.