Circle Oil is to extend its influence in Tunisia after being given the go-ahead for a permit on the Cap Bon peninsula.
The explorer will take a 100% working interest in the new permit, which lies in a similar area to the expired Grombalia block it was a partner in with Exxoil.
The block includes the existing Cap Bon gas field and Belli oil field, along with the El Manzah producing oil field. It also includes the Beni Khaled concession where Circle is a 30% partner, with estimates that the block could contain up to 480million barrels of oil equivalent across five seperate structures.
As part of the agreement, Circle will acquire 2D and 3D surveys and carry out exploration drilling within the first three years of the licence.
“We are delighted to announce that our competitive work program bid for the Grombalia permit in Tunisia has been successful,” said Circle Oil chief executive Chris Green.
“We believe this under explored, but highly prospective, area, if successful, should bring significant added value to both Circle and Tunisia.”
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