LONDON (Alliance News) - Gulfsands Petroleum PLC Thursday said first two exploration wells have failed to find commercial levels of gas in Morocco drilling.
The oil-and-gas exploration-and-production company with operations in the Middle East and North Africa said that the first two wells completed out of a four well plan on the company's Rharb Centre Permit confirmed the presence of gas in the field but in sub-commercial quantities.
Gulfsands said the rig will now be moved to the next exploration site and a further five gas exploration wells on the second phase will be drilled during 2014 at the licence.
The company also said a 3D seismic study over 220 square kilometres of the permit has been completed and is currently being processed to identify locations for further exploration.
Gulfsands shares were down 10.6% to 52.75, putting it in the top ten AIM losers Thursday.
http://www.lse.co.uk/AllNews.asp?code=qv9cp31e&headline=Gulfsands_Petroleum_Struggles_To_Find_Commercial_Levels_Of_Gas_In_First_Morocco_Tests
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