UK-listed Circle Oil will accelerate its drilling program in Block 49 onshore Oman, Chief Financial Officer Brendan McMorrow told International Oil Daily Tuesday. The company, which is based in Ireland, is raising $65 million by selling about 141.7 million new shares at 30 pence (48￠) each - a 6.25% discount to the current share price. It plans to spend $26 million of the money in Oman. “We’re currently doing a seismic survey [in Block 49] to be completed later this year,” McMorrow said. The firm signed a three-year exploration and production sharing agreement for the block in 2005 before exercising its option to extend the contract.
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