Circle Oil provided the following update regarding the Al Amir SE Field (AASE) and the Geyad field.

Appraisal well AASE-11X ST 1 was spudded on February 5, 2012 and is located on the north western flank of the AASE field, updip of the AASE-7X water injector. The well's objective was to appraise both the Shagar and Rahmi sands for injection/production in that location. The well reached a TD of 9,600 feet MD before being sidetracked to the south for geological reasons and was then successfully drilled to a total depth of 11,160 feet MD into the base Kareem.

The well encountered 42 ft of net pay in the Kareem Shagar sand and 22 feet in the underlying Rahmi sand with oil bearing sands present to the base of the reservoir. The completion for the well as a Shagar sand producer has been installed and the Shagar zone perforated in the interval 10,730-10,780 feet and flowed oil and gas on test at an average rate of 3,500 bopd and 2.64 MMscf/d respectively, on a 64/64" choke. The well has now been placed on production at an initial flow rate of 1,635 bopd using a 32/64" choke.

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