Circle Oil shares soar almost 27% on latest find

Limerick-based exploration firm, Circle Oil, yesterday saw its share price soar by nearly 27% on the back of it finding considerably more gas than expected at the third of a current 12-well drilling campaign in Morocco.

The AIM-listed company — whose asseets are spread across Egypt, Morocco, Tunisia, and Oman — announced that drilling to a target depth of 1,980m at the KSR-12 well at the Sebou permit in Morocco found 20.5m of gas, well ahead of company expectations.

The result also keeps Circle’s 100% strike record, for its current campaign, intact with the previous two wells having already yielded positive results. This, however, is comfortably the best result to date in the campaign.