UPDATE 1-Circle Oil says Egypt well successfully tested

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Tue Mar 9, 2010 8:29am GMT

* Says reservoir may be larger than originally mapped

* Shares up 4 pct (Adds details)

March 9 (Reuters) - Oil and gas explorer Circle Oil Plc (COPU.L) said its Al-Amir SE-5 appraisal well in the onshore North West Gemsa Concession in Egypt had been successfully tested for production, sending its shares up 4 percent.

Circle Oil, an AIM-listed company with assets in Egypt, Morocco, Namibia, Oman and Tunisia, said the extent of the reservoir in the area might now be slightly larger than originally mapped.

The company also said the rig would now drill the Al-Amir SE-6 well, which is the fifth appraisal well in the Al-Amir SE discovery area.

Shares of the company were trading up 1.5 pence at 36.5 pence at 0809 GMT on Tuesday on the London STock Exchange. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan)

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