26th Jun 2015 07:39
LONDON (Alliance News) - Circle Oil PLC on Friday said it has completed drilling at the LAM-1 well at the Lalla Mimouna Permit, onshore Morocco, with prospective gas zones found in the tests logged.
The primary target in the well was perforated and flowed gas at a stabilised rate of 1.9 million standard cubic feet per day.
The drilling rig is now being moved to the ANS-2 well at Lalla Mimouna, Circle said.
"We are delighted that our first well on the Lalla Mimouna Nord Block has such positive results, flowing gas at significant rates from both target intervals. The productivity of this first well is very encouraging for the expansion of Circle's portfolio of Morocco gas fields," said Mitch Flegg, Circle's chief executive.
Shares in Circle were up 3.7% to 10.5 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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