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Rabat - Exploration company Circle Oil said it has found a "significant" gas discovery in Morocco.
The Limerick-based company, which operates in North Africa and the Middle East, has announced a significant gas discovery following the preliminary results of drilling of the KSR-12 well in the Sebou Permit, onshore Morocco.
The well, which is located within the central area of the Sebou permit, about 1.2 KM to the South-west of the KSR gas gathering station, was drilled to a total depth of 1,980 metres, the group said.
"We are delighted with the results of the KSR-12 well, which has found the thickest gas sand interval to date of our Sebou wells," commented the company's outgoing chief executive Professor Chris Green.
"We believe that this well will add significant volumes to our reserves for potential gas production and at rates not subject to oil price fluctuation," he added.
The group said a new rig has been transported to Morocco. However the recent heavy rains meant it couldn't get to the planned drill site area in Lala Mimouna, where drilling platforms have been prepared. In order to avoid delay, the company said the rig will now be transported to the KAB-1bis location in the Sebou permit.
"This is the third well of a six well programme to be drilled with our partner ONHYM in the Sebou permit and is coupled with another six well programme in the Lalla Mimouna permit," Chris Green added.
