Circle Oil 2014 Results update 1st June 2015 www.circleoil.net
2014 Highlights 3
2014 Highlights Operational Highlights Continuing strong production levels achieved in both Egypt and Morocco Increase in reserves and resources in both Egypt and Morocco Circle commenced its third drilling programme in Morocco,…
Asset Summary Tunisia *Source: Bayphase Report 31/12/2014 WI = Working Interest Morocco Beni Khalled 30% (WI) Exploration Unrisked Gas Tunisia (cont) Egypt Sebou 75% and Oulad NZala 60% Grombalia Resources: 13 bcf NW Gemsa 40% (WI)…
CPR Reserves Oil and gas reserves Morocco - Morocco - Egypt - reserves Egypt - NW Gemsa Sebou Oulad N'Zala increased by 5% - 2P Oil Gas Gas Gas Total Gross Remaining MMbo bcf bcf bcf MMboe Reserves are estimated 2P Gross 26.19…
2014 Results Morocco Egypt Tunisia Oman 7
Results - 31 December 2014 2014 2013 US000 US000 Revenue for 2014 of 84.6m (2013: Revenue 84,624 93,343 93.3m) relating to Egypt 66.7 m and Cost of sales (53,764) (56,394) Morocco 17.9m. Gross profit 30,860 36,949 The 9% fall in…
Balance Sheet - 31 December 2014 2014 2013 US000 US000 Assets Non-current assets Exploration and evaluation assets 97,411 81,353 Production and development assets 148,647 146,188 Net assets were 192.8 m (2013: Property, plant and…
Cashflows - 31 December 2014 2014 2013 US000 US000 Operating activities Net cash generated from operations 54,706 53,365 The slight increase in net cash Taxes paid (25) (27) from operations was due to Net cash inflow from operating…
Operations Morocco Egypt Tunisia Oman 11
Morocco - Rharb Basin - 1 BACKGROUND Operated by Circle Sebou Permit Circle 75% and OHNYM 25% 9 wells tied into a 55km pipeline from Sebou to Kenitra Two contracted customers the largest is a take or pay arrangement. The third…
Morocco - Rharb Basin - 2 RECENT ACTIVITY Country manager replaced Cost review underway Numerous local contracts already re-negotiated 2015 OVERVIEW SAH W1 tested and completed 1.42 bcf estimated reserves KAB1 bis re-drill P&A…
Morocco - Rharb Basin Permits LALLA MIMOUNA NORTH and SOUTH PERMITS Current well LAM-1 SEBOU PERMIT 14
North West Gemsa, Egypt - 1 OVERVIEW NW Gemsa 40% (WI) Change of operator during 2014; Vegas sold to NPIC Operations continued unaffected throughout the last 12 months Water-flood maintained in 2014, successfully assisting long…
North West Gemsa, Egypt - 2 RECENT ACTIVITY Average daily production in the first four months of 2015 was 8,236 bopd, 9.32 MM scf/d (gross) Average daily production dropped in May 2015 and was 7,075 bopd, 7.85 MM scf/d Gas; 74…
Tunisia - 1 RAS MARMOUR (Onshore) 23% WI Commitment well - Sedouikech-1 Targeting STOOIP 19MMBO* Partnering with Exxoil, a local Tunisian company, who are the operator Awaiting final government approvals to commence drilling…
Tunisia - 2 BENI KHALLED AND TAKELSA (Onshore) Beni Khalled production licence farmed-in July 2013. Initial 30% with ability to increase to 50% in two stages Small scale existing production c.100bopd Attraction is: Potential…
Tunisian Permits BENI KHALLED & TAKELSA (Mostly Onshore) RAS MARMOUR (On/offshore) 23% WI 19
Tunisian Offshore: Mahdia Permit MAHDIA (Offshore) 100% WI EMD-1 20
Mahdia Petroleum System 21
Summary Governance Operations CEO appointed 1 June 2015 Decision to exit from Oman leaving on good terms Group FD joined January 2015 Morocco appointment of interim country Two additional NEDs appointed January manager and review…
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