Circle Oil Tunisia Limited

Circle Oil Tunisia Limited (“COTL”) owns the El Mediouni East and Central oil asset (“ELM”) in the Mahdia Permit located in the Gulf of Hammamet off the Tunisian coast.

COTL underwent a restructuring process following the liquidation of its parent company, Circle Oil Plc (“Circle Oil”), and is now under new management. Other assets of the former Circle Oil portfolio in North Africa and the Middle East have been shown by others to be commercially attractive, and COTL is confident that the Tunisian offshore tracts will also be commercially attractive. Over the past 5 years Circle Oil invested heavily in ELM, and in August 2014 announced a potential large discovery following preliminary results from ELM which were internally estimated by Circle Oil as most likely recoverable prospective resources of approximately 100 million barrels of oil.

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