Circle Oil Plc, an oil and gas exploration, development and production company, said in a note that its strategy is to locate and secure additional licenses in prospective hydrocarbon provinces and through targeted investment programs, monetize the value in those assets for the benefit of shareholders.
Circle may use its own expertise to appraise reserves and bring assets into production, generating sustained cash flow for further investment, the statement read. It may also seek farm-outs to selected partners who would then invest in the exploration and continue through to the development of the assets for production.
Circle Oil has a portfolio of assets in Morocco, Tunisia, Oman and Egypt, with a combination of producing, low-risk near-term production and acreage with significant upside exploration potential.
The company now has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia; the Grombalia Permit in northern Tunisia; and the Zeit Bay area of Egypt.