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Circle Oil Announces Gas Discovery on ONZ6 in Morocco
11-11-2008
Circle Oil Plc, the AIM listed international oil and gas exploration and
development company, announces that the exploration well ONZ6 has been drilled,
logged and successfully tested in the Ouled N’Zala Permit, Morocco.
The Company confirms a discovery in the Upper Ouled Formation with the well
testing gas at a sustained rate of 3.32 MMscfd. The well has been completed as a
potential producer and the drilling rig has now moved to the Sebou permit to
commence drilling the second location of the six well drilling programme planned
for the two permits.
A full technical evaluation of all the results is underway which will allow for
forward planning as a precursor to further assessment of the resource including
conducting an extended well test. A full assessment of Reserves has not yet been
completed.
The Ouled N’Zala Permit lies north-east of Rabat in the Rharb Basin, Morocco.
The Rharb Basin is a foredeep Basin located in the external zone of the Rif
Folded belt. The concession agreement includes the right of conversion to a
production licence of 30 years, plus extensions, in the event of commercial
discoveries.
David Hough, CEO of Circle, said:
"This discovery in our first well in Morocco is excellent news for Circle. The
well has been completed in readiness for an extended production test and the
field test results are in line with our expectations for this area. We look
forward to the results of the next well which will be the first in the Sebou
Permit where Circle holds a 75% interest.’’
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