12th May 2015 14:36
LONDON (Alliance News) - Circle Oil PLC Tuesday said it has begun drilling the LAM-1 well on the Lalla Mimouna permit onshore Morocco and expects it to take between 14 and 20 days to drill.
The oil and gas company focused on the Middle East and North Africa said LAM-1 is the first well to be drilled by Circle on the Lalla Mimouna permit and is located in the central part of the permit on the east-west trending Anasba Ridge, within the existing 3D seismic area.
The Lalla Mimouna permit is a partnership between the company's subsidiary, Circle Oil Maroc Ltd with a 75% stake, and the Office Nationale de Hydrocarbures et des Mines, which holds the remaining 25%.
Circle Oil share were trading down 1% at 12.75 pence per share Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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