Circle Oil makes Morocco gas find
Published 27/06/2015 | 02:30
Circle Oil, the Limerick-based oil and gas exploration company, has reported a stable gas flow at its first well on the Lalla Mimouna permit onshore in Morocco.
The company said the first well drilled on the Lalla Mimouna permit produced a steady flow of gas when tested.
The target flowed at a rate of 1.9m cubic feet of gas per day and the secondary target at a rate of 1.1m cubic feet. Equipment at the site has now been moved to a new well.
Chief executive Mitch Flegg said: "We are delighted that our first well on the Lalla Mimouna Nord Block has such positive results, flowing gas at significant rates from both target intervals.
"The productivity of this first well is very encouraging for the expansion of Circle's portfolio of Morocco gas fields."
Last month the firm reported revenue for 2014 of $84.62m, which was down 9pc on the previous year's figure in large part due to the oil price fall.
Group operating profit, before write-offs and impairments, was down 28pc to $23.31m. Pre-tax loss for the year was $53.9m. This compared a pre-tax profit of $28.8m the previous year.
The company recently saw the departure of previous CEO Professor Chris Green who announced his plans to resign last November. Mr Flegg took over as CEO at the start of June.