World Bulletin / News Desk

Irish energy company Circle Oil, which focuses on North African basins, said it had remarkable success with the early results from shale basins in Morocco according to a report in UPI.

Circle chief executive Mitch Flegg said that "This gas will be sold at fixed rates which are not subject to oil price fluctuations," Mr Flegg added.

The well is located in the onshore Sebou permit in northern Morocco.

"Another discovery on the prolific Sebou permit is welcome... short tie-in times before production improves the economics of these wells significantly," Cenkos analysts said, while Numis analysts said it was a "clearly encouraging result".