Limerick-based, North African focussed energy prospector, Circle Oil, this week said it found oil after the drilling of an appraisal well in Egypt.
The company said the Al Amir 1-ST2 well, originally drilled in 2008, had an initial flow rate of 278 barrels of oil per day.
The firm said the well, in the Al-Amir Development Lease in the onshore North West Gemsa Concession, would be put to use once a production test and production engineering system is completed.
Circle Oil has a 40 per cent interest in the NW Gemsa concession, which lies about 300 km southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. Current production levels in the area range from 9,200-9,500 barrels per day.
Circle Oil lost $13.5 million last year as the company continued to develop its oil and gas exploration interests in Africa and the Middle East.
The company’s assets at year-end amounted to $132 million, a 30 per cent increase on the end of 2008.