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Sunday, 19 January 2020

Circle Oil makes 2nd gas find in Morocco in a month

New find could lead to the company drilling its fifth, and final, well in the Sebou Permit, north-east of the Moroccan capital Rabat

Reuters , Monday 24 Jan 2011
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Oil and gas explorer Circle Oil said it made another gas discovery in its key Sebou Permit, marking its second successive discovery in Morocco this month.

The company, which has assets in Morocco, Namibia, Oman, Egypt and Tunisia, said it found gas in the deeper Main Hoot and the secondary Guebbas regions of the reservoir.

Earlier this month, the explorer found gas at the KSR-10 well at the Sebou Permit in Morocco.

Circle said it was evaluating the results of the well to estimate the strength of reserves at the site.

The explorer plans to drill the KSR-11 exploration well, its fifth and final well in the campaign, following the latest discovery.

The company started drilling in the Sebou Permit, which lies to the north-east of Rabat in the Rharb Basin in Morocco, in September.

Circle Oil shares, which have gained about 17 per cent over the past six months, were indicated up 3.4 per cent at 0746 GMT on the London Stock Exchange. They closed at 37 pence on Friday.

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