23rd Feb 2015 08:23
LONDON (Alliance News) - Gulfsands Petroluem PLC Monday said a third well it drilled on the Rharb Centre Permit in Northern Morocco struck gas and has been earmarked as a future production well.
In a statement, the oil and gas explorer and producer said drilling operations on the Douar Ouled Balkhair 1 gas exploration well have been concluded and it has been confirmed as a gas discovery, During testing, gas flowed to surface during the well's clean up flow period at rates in excess of 10 million standard cubic feet per day, it said.
The first two wells the company drilled on the prospect were also successful in finding gas and flowing it to surface.
Gulfsands Petroleum shares were up 8.9% at 39.20 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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