Circle Oil delighted with results from latest well

Circle Oil’s chief executive is delighted with the results from their latest well in Morocco.

The company issued a progress update on Tuesday for Ksiri West-A exploration well on the Sebou Permit, onshore Morocco.

It said the well reached a total depth of 1,890 metres in mid-September.

The well was then tested and will be tied back to the 75% owned Circle Oil pipeline from Sebou to the industrial area of Kenitra ready for production.

The company said the rig has now relocated to drill the final well of Circle's current drilling campaign, the Caid El Gaddari-13 well.

Circle Oil chief executive Mitch Flegg said he is “delighted” with the results.

"The flow rates achieved during the well test are at the upper end of our range of expectations and the well will now be tied in to our existing infrastructure and put into production as soon as possible.”

Flegg signalled that the gas from the well will be sold at fixed rates, which are not subject to oil price fluctuations.