LONDON–Shares in Gulfsands Petroleum PLC (GPX.LN) rose Thursday after it reported positive drilling results from Morocco.
Gulfsands, an oil and gas producer with activities in north Africa, Colombia and the U.S., said its LTU-1 well on its Rharb permit in the north of the company was drilled to a total depth of 1182 meters.
Gas flowed from the well at an estimated rate of 6.6 million cubic feet per day with no formation water produced, Gulfsands said.
The well is being monitored for pressure build-up, after which it will be temporarily suspended as a future gas producer.
Shares at 0757 GMT were up six pence or 12% at 54 pence, giving the company a market value of 64 million pounds.
Write to Ed Ballard at ed.ballard@wsj.com
