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VENTURES AFRICA – Irish energy firm Circle Oil, has acquired an exploration license in Tunisia for the Grombalia field, further enhancing its ability to commence production across its North African operations.
Circle previously operated the field as a minority stakeholder along with Exxoil, but will now hold full working interest, with the option of requesting a production license if exploration proves successful, a report by Irish Examiner read.
Professor Chris Green, the company’s CEO said the newly acquired assets “creates further potential for very significant upside”.
The Irish explorer is keen on increasing its North Africa output, saying it will kick-start production in its entire asset portfolio in 2014.
Recent finds in Egypt’s NW Gemsa Permit have further boosted output to an estimated 11,100 barrels per day and 11.8 million standard cubic feet of gas daily.
According to its CEO, next year will be “a very active year, operationally, with substantial drilling activity in all our areas of operation.”