Irish oil producer Circle Oil recently renewed its contract for a Tunisian concession, The Irish Times reported. The renewed permit gives Circle drilling and exploration rights within the El Mediouni structure, and covers an area of about 3,000 km.
Mitch Flegg, CEO of Circle Oil, said, “We look forward to continuing to work with Tunisian Consultative Committee on Hydrocarbons with the aim of delivering a project which would bring considerable benefit to the people of Tunisia and to Circle Oil.”
Under the deal, Circle will retain 100% interest in the concession. Oil Review Middle East noted that the project requires Circle to drill at least one appraisal and one exploration well. It also requires a minimum 300 square km 3D seismic mapping commitment.
Circle Oil has operations in Morocco, Tunisia, Malta, Oman, and Egypt.
The company reported revenue of nearly $85m in 2014.