Circle Oil announces strong results from first well at Lalla Mimouna Permit

26th Jun 2015 08:47

AIM-listed North African focused Circle Oil reported that gas has flowed at the LAM-1 well on its 75%-owned Lalla Mimouna Permit, onshore Morocco.LAM-1, which is the first well drilled by Circle on the permit, flowed at a stabilised rate of 1.1m square cubic feet per day.Initial results could potentially be available within 20 days.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."The Lalla Mimouna permit is a partnership between Circle Oil Maroc and the Office Nationale de Hydrocarbures et des Mines, which has a 25% stake.Shares had risen 2.22% to 10.35p by 08:50.