Circle Oil
Circle Oil was an Irish oil and gas exploration and production company whose North African assets included oil fields in Egypt and gas operations in Morocco.
Last updated August 31, 2026
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Overview
Circle Oil was an Ireland-based oil and gas exploration and production company headquartered in Limerick. The company focused its activities on North Africa, where it built a portfolio spanning exploration permits, producing oil and gas assets, and associated infrastructure in Egypt, Morocco, and Tunisia. It initially operated primarily as an exploration business but later developed production operations, particularly in Egypt and Morocco. In Morocco, Circle Oil Maroc Ltd., a wholly owned subsidiary of Circle Oil plc, entered into an exploration and exploitation agreement with Morocco's Office National des Hydrocarbures et des Mines in 2006 for the Sebou permit in the Rharb Basin. Circle operated the permit and held a 75% interest, with ONHYM retaining 25%. The company later expanded its Moroccan activity to the Lalla Mimouna area. Its drilling campaigns identified gas in both permit areas, and the company developed a 55-kilometre pipeline connecting the Sebou permit with the Kenitra Industrial Zone. Moroccan gas was sold to domestic industrial customers and transported through that connection. By the 2015 drilling campaign, Circle had drilled ten wells across Sebou and Lalla Mimouna, six of which encountered gas. Egypt became another major operating region. In 2008, Circle farmed into the North West Gemsa Block in the Gulf of Suez, acquiring a 40% interest from Premier Oil. The block was operated through PetroAmir, a joint production company involving Egyptian state interests and other partners. Circle's Egyptian portfolio generated both oil and natural gas production. Reference material describes combined production from its Egyptian fields as approximately 7,000 barrels of oil per day and 10 million cubic feet of gas per day at the relevant reporting point. Production and reserves in Egypt represented an important part of the company's transition from an exploration-led business into an upstream producer. Circle also held exploration and production interests in Tunisia. Its portfolio included the Ras Marmour permit, the offshore Mahdia permit, and an interest in the Beni Khalled production licence. In 2014, the El Mediouni well on the Mahdia permit encountered substantial light-oil indications over a broad interval. Circle characterized the result as a significant discovery and estimated a potentially large recoverable resource, while indicating that it would seek a farm-in partner to help develop the discovery. At Ras Marmour, Circle held a minority working interest in an onshore permit in south-eastern Tunisia. At Beni Khalled, it agreed to fund seismic and drilling work in exchange for an initial interest in the production licence. The company ultimately experienced financial distress. Circle Oil entered administration in January 2017, after which its Egyptian and Moroccan assets were sold to SDX Energy as part of efforts to repay creditors. The company began liquidation in September 2017. Circle Oil therefore represents a defunct independent upstream company whose history combined frontier and near-field exploration with the development of producing North African oil and gas assets.
History
Circle Oil developed as an Irish independent upstream company with a strategy centered on acquiring and advancing oil and gas opportunities in North Africa. Its business covered the full upstream sequence from exploration permits and drilling to production and related infrastructure. Although the company was based in Limerick, its operating footprint was concentrated in Egypt, Morocco, and Tunisia rather than Ireland. Morocco was an important early area of activity. In June 2006, Circle Oil Maroc Ltd. signed an exploration and exploitation agreement with the Office National des Hydrocarbures et des Mines for the Sebou permit in the Rharb Basin. The original permit covered 296 square kilometres, later reduced through relinquishments. Circle operated the permit and held a 75% interest, while ONHYM held the remaining 25%. The company subsequently worked in both Sebou and Lalla Mimouna, where drilling established gas accumulations. A 55-kilometre pipeline was built from the Sebou permit to the Kenitra Industrial Zone, allowing production to reach Moroccan industrial customers through domestic sales contracts. This infrastructure gave the Moroccan portfolio a direct route from exploration success to local commercialization. Circle expanded its producing position in Egypt in early 2008 by farming into the North West Gemsa Block in the Gulf of Suez. It acquired a 40% interest from Premier Oil. The acreage was operated through PetroAmir, a joint production company involving Egyptian state participation and other partners. Circle's Egyptian assets produced both oil and gas, and the region became a central contributor to the company's operating profile. By the end of 2014, the Egyptian fields had produced substantial cumulative volumes, while an independent reserves assessment estimated significant remaining gross and net reserves. These activities marked Circle's progression from a predominantly exploration-oriented company into a producer with material operating exposure. Tunisia provided a further mix of exploration and production opportunities. Circle Oil Tunisia Ltd. held interests in the Ras Marmour and Mahdia permits and also participated in the Beni Khalled production licence. Ras Marmour was an onshore permit in south-eastern Tunisia, covering parts of Djerba and territory south of the Gulf of Gabes. Circle held a 23% working interest, with Exxoil S.A. acting as operator and partner. The offshore Mahdia permit included the Mahdia discovery. In August 2014, the El Mediouni well, known as EMD-1, encountered strong light-oil indications across 133 metres. Circle presented the result as a significant discovery and estimated a potentially substantial recoverable resource, while seeking a partner to support further appraisal and development. The permit was extended for six months to January 2015, with additional extension options linked to drilling commitments. At Beni Khalled, Circle agreed to acquire an initial 30% interest through a farm-in arrangement with Exxoil. Its obligations included funding a three-dimensional seismic programme and one well. The licence had a production history and further estimated recoverable potential, giving Circle exposure to an asset that differed from its exploration permits. The company's Moroccan drilling programme continued into 2015. Ten wells were drilled across Sebou and Lalla Mimouna, and six produced gas discoveries. While the results added to Circle's North African resource base, the company later faced financial and corporate difficulties. In January 2017, Circle Oil entered administration. Its Egyptian and Moroccan assets were sold to SDX Energy in an effort to repay creditors. The company commenced liquidation in September 2017, ending the corporate life of the independent upstream business. Its legacy was therefore transferred principally through the sale of operating assets rather than through continued development under the Circle Oil name.
- 2017
Administration and asset sale
[1]Circle Oil entered administration and sold its Egyptian and Moroccan assets to SDX Energy to help repay creditors.
- 2017
Liquidation begins
[1]Circle Oil began liquidation in September, confirming the end of the company as an operating upstream business.
- 2015
Third Moroccan drilling campaign completed
[1]Circle drilled ten wells across the Sebou and Lalla Mimouna areas, with six wells encountering gas.
- 2014
El Mediouni well reports oil discovery
[1]The EMD-1 well on Tunisia's Mahdia permit encountered strong light-oil indications across 133 metres and was presented by Circle as a significant discovery.
- 2008
Farm-in to North West Gemsa
[1]Circle acquired a 40% interest in Egypt's North West Gemsa Block from Premier Oil, expanding its portfolio into producing Gulf of Suez assets.
- 2006
Moroccan Sebou agreement signed
[1]Circle Oil Maroc entered into an exploration and exploitation agreement with ONHYM for the Sebou permit in Morocco's Rharb Basin. Circle became operator and held a 75% interest, with ONHYM retaining 25%.
Products and positioning
A regionally focused independent upstream oil and gas company combining exploration, field development, production, and supporting infrastructure across North Africa.
Upstream production · 2008
Egyptian oil and gas assets
Circle's Egyptian portfolio was concentrated in the Gulf of Suez, including a 40% interest in the North West Gemsa Block acquired through a farm-in from Premier Oil. The assets produced crude oil and natural gas through the PetroAmir operating structure. Egypt became one of the company's principal production regions and contributed materially to its reserves and operating profile before the assets were sold during the 2017 administration process.
Natural gas exploration and production · 2006
Sebou and Lalla Mimouna gas operations
Circle's Moroccan interests covered the Sebou permit in the Rharb Basin and the Lalla Mimouna area. The company operated the Sebou licence, drilled multiple wells, and discovered gas in both areas. It also built a 55-kilometre pipeline linking Sebou with the Kenitra Industrial Zone, enabling Moroccan industrial customers to receive locally produced gas.
Offshore oil exploration · 2014
Mahdia permit and El Mediouni discovery
The Mahdia permit in Tunisia included the El Mediouni discovery. The EMD-1 well drilled in 2014 encountered strong light-oil indications over a 133-metre interval. Circle estimated a potentially large recoverable resource and indicated that a farm-in partner would be sought to help advance appraisal and development.
Onshore exploration
Ras Marmour permit
Circle Oil held a 23% working interest in the Ras Marmour permit in south-eastern Tunisia. The permit covered territory on and near Djerba and south of the Gulf of Gabes, in a region with established hydrocarbon discoveries. Exxoil S.A. was the operator and local partner.
Oil production
Beni Khalled production licence
Circle agreed to acquire an initial 30% interest in Tunisia's Beni Khalled production licence through a farm-in with Exxoil. The work programme included funding a three-dimensional seismic survey and one well. The licence had historical production and further estimated recoverable potential.
Brand decisions
2017
Enter administration and dispose of assetsOtherBackground
Circle Oil encountered financial distress and entered administration.
Action taken
The company sold its Egyptian and Moroccan assets to SDX Energy as part of the process of repaying creditors.
Aftermath
Circle began liquidation in September 2017 and ceased to exist as an operating upstream company.
2008
Expand into Egyptian productionStrategyBackground
Circle had focused initially on exploration but sought greater exposure to producing assets and operating cash flow.
Action taken
The company farmed into the North West Gemsa Block and acquired a 40% interest from Premier Oil.
Aftermath
Egypt became a core operating region, with Circle participating in oil and gas production through PetroAmir.
Recent events
- 2017
Circle Oil enters administration[1]
Bankruptcy · M&A
Circle Oil entered administration amid financial difficulty. Its Egyptian and Moroccan assets were subsequently sold to SDX Energy to help satisfy creditors.
- 2017
Circle Oil begins liquidation[1]
Bankruptcy
Following the administration process and asset disposals, Circle Oil began liquidation in September 2017.
- 2015
Circle Oil completes a major Moroccan drilling campaign[1]
Product generation · Other
Circle Oil completed a third Moroccan drilling campaign covering the Sebou and Lalla Mimouna areas. Ten wells were drilled and six encountered gas, supporting the company's domestic Moroccan gas business.
- 2014
Circle Oil reports the El Mediouni discovery in Tunisia[1]
Product launch · Other
The El Mediouni well on the Mahdia permit encountered strong light-oil indications across a substantial interval. Circle described the result as a significant discovery and considered bringing in a farm-in partner for development.
Sources1 sources
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