18th Jun 2014 10:26
LONDON (Alliance News) - Circle Oil PLC Wednesday said it has made a discovery at the SAH-W1 well in the Sebou Permit, onshore Morocco, encountering gas shows at three levels within the target Guebbas sands.
Although a seven-inch casing had to be installed due to mechanical problems before drilling a six-inch hole through the main target interval, Circle Oil said the wireline logging confirmed the presence of three gas-bearing zones. Subsequent pressure testing in the six-inch hole confirmed permeable high-pressure reservoirs.
In a statement, the Middle East and Africa-focused oil and gas exploration, development and production company, said the net pay from wireline log analysis is 6 metres in the Top Guebbas, 6 metres in the main target Intra Guebbas and 3 metres in the lower part of the Intra Guebbas.
"This is the first well of a six-well programme to be drilled with our partner ONHYM in the Sebou permit and is coupled with another six-well programme in the Lalla Mimouna permit," Chief Executive Chris Green said in a statement.
Circle Oil shares were Wednesday quoted at 22.01 pence, down 2.2%.
By Samuel Agini; [email protected]; @samuelagini
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