The well, Al Amir SE-24 (AASE-24), was drilled to a depth of 9,925 feet. It encountered the Shagar and Rahmi oil reservoirs, hitting 15 feet of net pay in the former and 7 feet in the latter.
In other news, Vietnam-focused investor VinaCapital (LON:VOF) is to get a US$12.2mln cash boost after selling its stake in the Danang golf project, which it acquired in 2006.
The fund manager's MD Andy Ho said: “Over the past few weeks, we’ve made great strides in reducing our direct investments in real estate and look forward to putting the proceeds to work in those asset classes and sectors where we see greater opportunities for significant growth."
Elsewhere, Armadale Capital (LON:ACP) remained in talks over a finance package to build its Mpokoto gold mine in the DRC.
African Mining Contracting Services Group (A-MCS) offered to put up US$20mln to build the mine last June but has yet to conclude its due diligence.
In a statement today, Armadale said discussions with A-MCS were still ongoing.
Increasing the resource at its Beruang Kanan Main copper project in Indonesia to feed the processing plant is a key target of Asiamet Resources Limited (LON:ARS, CVE:ARS).
It came as the firm filed a technical report supporting its April PEA (preliminary economic assessment), which underscored the potential for a robust, low cost project.
Meanwhile, Gulf Keystone Petroleum Limited (LON:GKP) has extended a ‘standstill’ agreement with its lenders, which means it will now have until the end of the month to work on a possible debt restructuring.
Last month, Gulf Keystone’s lenders allowed waivers on coupon payments due on May 2 and May 3, and gave the company until May 20 to come up with a deal.
The company previously encountered evidence of uranium in its existing Utah acreage through the analysis of well logs, and it has since been looking at the possibility of an in-situ mining operation.
Digital video network Brave Bison Group PLC (LON:RSTR), formerly Rightster Group PLC, said Kevin Deeley has today been appointed as chief financial officer.
As reported earlier this month, former finance chief Niall Dore had decided to move on and will leave the board.
Over at Plexus Holdings PLC (LON:POS), maker of well-head technology used around the world, it has unveiled a £3.5mln strategic investment fundraiser, which has strengthened its finances and opens up a massive opportunity for its technology in the Russian oil and gas sector.
Latest drilling by MOD Resources (ASX:MOD), which owns 70% of the project in Botswana, included an intersection of 28m at 1.76% from a depth of 103m.