Photo Reuters/Zohra Bensemra
Oil and gas explorer Circle Oil Plc said on Tuesday it found more gas at its key Sebou Permit, marking its third successive discovery in Morocco in a little over a month.
The company, which has assets in Egypt, Morocco, Namibia, Oman and Tunisia, said its DRJ-6 exploration well in Rharb Basin tested gas at a sustained rate of 5.36 million standard cubic feet (mmscf) per day.
"The successful testing of DRJ-6 is particularly pleasing as it means that a 100 percent success rate has now been achieved from the six wells drilled during the first campaign," Chief Executive Chris Green said in a statement.
The company started drilling in the Sebou Permit in September .
On January 26, MAP news agency had said Circle Oil and Morocco's state-run mining and hydrocarbon board ONHYM will start building a gas pipeline this year to supply the domestic market.
Circle Oil shares, which have gained 18 percent of their value since the company started drilling the Sebou Permit in September, closed at 39 pence on Monday on the London Stock Exchange.