Circle Oil reported positive results from the sixth appraisal well in the Al Amir SE discovery area in Egypt, the firm said in a statement.
The exploration/appraisal well Al Ola-1X reached total depth at 14,323ft in the Lower Rudeis, following drilling through the Kareem formation, reported StockMarketWire.com.
Log analysis has shown both sand units of the Kareem formation to be oil bearing with no indication of the oil water contact.
The next well to be drilled is Al Amir SE-7X, to be located to the west of the Al Amir SE-4X well, intended to be a water injector for the Kareem sands, but is presently planned to be deepened to evaluate the Lower Rudeis potential, reported StockMarketWire.com.
