Circle Oil Plc, the Irish oil & gas exploration and development group, announces that the Petroleum Agreement signed by its wholly owned subsidiary Circle Oil Maroc Ltd (COML) covering the Exploration and Exploitation of the Sebou Concession situated in the Rharb Basin, Morocco has been duly ratified by the Ministry of Energy and Mines and the Ministry of Finance and Privatisation, a note of which has to be published in the Moroccan Official Bulletin.
ONHYM is conducting evaluation works on the shows in the surrounding area. A partnership relating to this area is underway.
Commenting on the agreement David Hough, Chief Executive of Circle Oil, said;
“The approval of this agreement and the partnership with ONHYM is significant for Circle Oil as the Rharb is known as an area with excellent potential for low risk drilling, low cost, fast track development and production.”
