More drilling for Circle Oil in Morocco

DUBLIN, Ireland, May 19 (UPI) -- Circle Oil, an Irish exploration company with a focus on the Middle East, said Monday it started its third drilling campaign in Morocco.

"Circle is very pleased to announce the start of our third drilling campaign in Morocco," Chief Executive Officer Chris Green said in a statement. "We have previously enjoyed significant drilling success in the Sebou permit and our technical team has worked hard to maximize opportunities and ensure this success continues."

The company has a "large portfolio" of options to choose from in Morocco. The 12 locations chosen so far have an estimated 25 billion cubic feet of gas reserves in place.

West Africa has drawn interest from international energy companies eager to tap into unexploited reserves. Circle Oil's counterparts, Scottish energy company Cairn Energy and London-listed Gulfsands Petroleum, each announced plans for similar operations in Morocco this year.

Morocco holds about 20 trillion cubic feet of recoverable shale oil and natural gas reserves. The country is still a net importer of fossil fuels.