Source - SMW
Circle Oil's (LON:COP) shares were up in late trading after it reported positive results from the first well on the Lalla Mimouna permit onshore Morocco.

LAM-1 targeted the Miocene gas-bearing sands, similar to the Sebou Permit to the south of Lalla Mimouna. The TD of the well at 1,541 metres MD was reached on 26 May 2015, prospective gas zones were logged, a completion string was installed and the rig relocated to drill the ANS-2 well.

The LAM-1 well was then tested using a slick-line unit following the release of the rig. The primary target was perforated at 1,261-1,272 metres and flowed gas at a stabilised rate of 1.9 MMscf/d on a 16/64" choke and the secondary target was perforated at 1,181-1,183 metres MD and flowed at a stabilised rate of 1.1 MMscf/d on a 16/64" choke.

The rig has been mobilised to drill the ANS-2 well, the second well of Circle's drilling campaign on Lalla Mimouna, located on the northern flank of the East-West trending Anasba ridge. This well has a primary target for Miocene gas-bearing sands at 1,007 metres MD and prognosed TD at 1,062 metres MD. Depending on progress rates, initial results could be available in approximately 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 Ltd (75%) and ONHYM (Office Nationale de Hydrocarbures et des Mines) (25%).

* * *

Cadogan Petroleum (LON:CAD) has confirmed that all resolutions proposed at its annual general meeting yesterday were passed.

* * *

Kea Petroleum (LON:KEA) has agreed the sale of its 70% interest in PEP51153, the licence which includes the Puka wells and the Shannon prospect, to Caliera Fund Limited, a privately owned New Zealand company, for NZ$500,000.

The company has also entered a conditional heads of terms, subject to contract, to dispose of its interest in PEP381204, the licence which includes the Mauku prospect.

Kea says the sale of PEP51153 will, if consummated, represents a disposal of substantially the whole of its assets, and will result in it being classified as an 'investing company' under AIM Rules, following an investment policy which must be approved by shareholders.

The net proceeds of the disposals will be applied in settlement of the group's current creditors, and as working capital, but will not be sufficient to meet the ongoing costs of keeping the company alive or delivering on its proposed investment policy. 

Accordingly it will be seeking to raise, through subscriptions by existing substantial shareholders (including directors and associate parties) and others, up to £1m to cover ongoing costs of operations pending a new transaction constituting a reverse take-over which would be put to shareholders for approval in due course or otherwise implement its investing policy.

* * *

Exillon Energy (LON:EXI) has confirmed that all resolutions proposed at its annual general meeting today were passed on a poll.

* * *

Chariot Oil & Gas (LON:CHAR) has granted deferred shares under its long term incentive share scheme, as part of the bonus payable under the executive director 2014 annual bonus scheme.

Chief executive Larry Bottomley and exploration director Matthew Taylor were awarded 411,011 and 247,733 deferred shares respectively.


 
 



At 3:54pm:

(LON:AUR) Aurum Mining PLC share price was 0p at 1.3p

(LON:BOR) Borders  Southern Petroleum PLC share price was 0p at 5p

(LON:CAD) Cadogan Petroleum PLC share price was 0p at 13p

(LON:CHAR) Chariot Oil  Gas Ltd share price was -0.2p at 9.5p

(LON:COP) Circle Oil PLC share price was +0.51p at 10.63p

(LON:DGO) Dragon Oil PLC share price was +2.5p at 728p

(LON:ENQ) EnQuest Plc share price was -0.5p at 45.5p

(LON:EXI) Exillon Energy PLC share price was -0.5p at 109p

(LON:FOGL) Falkland Oil  Gas Ltd share price was +0.75p at 28.75p

(LON:GKP) Gulf Keystone Petroleum share price was +6.5p at 38.75p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 10.5p

(LON:INDI) Indus Gas Ltd share price was -7p at 120p

(LON:PET) Petrel Resources PLC share price was 0p at 3p

(LON:RKH) Rockhopper Exploration PLC share price was -3.75p at 71.25p

(LON:RPT) Regal Petroleum PLC share price was +0.28p at 5.02p

(LON:XEL) Xcite Energy Ltd share price was -0.25p at 32.75p