Circle Oil announced Tuesday that it plans to drill 12 wells this year in Tunisia, Morocco and Egypt.
The oil and gas operator will fund its projects from its excess cash balance of $ 20 million to the end of December 2012, up 40% yoy.
Two wells will be drilled in Tunisia, including one offshore in Sedouikech under Ras Marmour permit, targeting 20 million barrels of oil and another offshore under the Mahdia permit, targeting up to 179 million barrels of oil.
“In a context of significant change in the region [the Middle East and North Africa], Circle Oil leverages its experience in the region to consolidate its position and continues to make excellent progress in its core business,” said the company’s CEO, Chris Green.
