27th Aug 2014 11:14
LONDON (Alliance News) - Circle Oil PLC Wednesday said it has started to drill the second well, CGD-12, in its third drilling campaign in the Sebou permit, onshore Morocco.
The 12 locations initially chosen for the campaign are targeting accumulations similar to the existing producing geological intervals in the Sebou permit.
The oil and gas exploration, development and production company said the CGD-12 well will test a dipping fault-bounded sand lens at 1,021 metres measured depth in the Guebbas Formation within which many of the previous discoveries have been successfully drilled.
Circle Oil said the well is expected to take approximately 30 to 35 days to drill, depending on progress rates.
The company said that gas production in the Sebou permit is continuing at 6.8 to 7 million standard cubic feet per day gross.
It said its first drilling campaign in the Lalla Mimouna permit in Morocco continues.
Both the Sebou and Lalla Mimouna permits are a partnership between Circle Oil Maroc Ltd, which holds a 75% interest, and state resources company ONHYM - Office National des Hydrocarbures et des Mines - with a 25% interest.
Circle Oil shares were up 1.4% Wednesday midday, trading at 23.20 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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