Circle Oil provides the following update regarding its operations and forthcoming work programmes for 2013 in its operational areas of Morocco, Egypt, Tunisia and Oman.

Morocco

• Six well drilling programme planned for H1 2013 in the Sebou and Lalla Mimouna Permits • Over 50% increase in gross production from 4.5 MMscfd to between 6.5 and 7.0 MMscfd planned in Q1 2013 • Preliminary interpretations of Lalla Mimouna 3D seismic survey encouraging, with wells in the 2013 programme aiming to provide substantial additional reserves • Third offtake agreement added 22 December 2012 for initial additional US$0.5 Million per annum

Egypt

• Four well drilling programme comprising of one producer and three injector wells planned from now through to the end of July 2013 • Gross production averaging 9,091 bopd for January 2013 • Additional production now on stream from 12 February 2013 with the start up of associated gas production at an initial rate of 9 MMscfd (1,638 boepd ) • AASE-14 ST2 to be tested and hooked up as another additional producer by end February 2013 • Gas processing expected to provide an additional 140 - 150 bocpd and 35 tonnes of LNG (c. 400 boepd) per day

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