7th Oct 2014 08:21
LONDON (Alliance News) - Circle Oil PLC Tuesday released preliminary drilling results from the CGD-12 well at the Sebou Permit, onshore Morocco.
The company said the total net gas pay in the well from wireline log analysis is 9.7 metres. The well was drilled to a target depth of 1,232 metres measured depth.
The first test over the secondary Intra Hoot target sands flowed at a sustained rate of 2.21 million standard cubic feet per day, while the second test on the Main Hoot sands flowed at a sustained rate of 4.62 million standard cubic feet per day.
Circle said the CGD-12 well will be completed for future production and said the drilling rig is to be moved to drill the third well on the Sebou site, KSR-12.
"We are very pleased to have another successful discovery in our Sebou permit and have proven additional reserves for potential gas production," said Chris Green, chief executive officer of Circle.
Circle shares were down 0.6% to 22.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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