Circle Oil first-half revenues rise 20%

Limerick-based oil and gas exploration company posts pre-tax profits of $14.7 million

Circle Oil chief executive Professor Chris Green. The company has posted first-half revenues of $42.5 million. Photo: Frank Miller/The Irish Times

Circle Oil chief executive Professor Chris Green. The company has posted first-half revenues of $42.5 million. Photo: Frank Miller/The Irish Times

Mon, Sep 2, 2013, 07:34

Limerick-based Circle Oil has recorded first-half revenues of $42.5 million (€32.1 million), up 20 per cent from last year’s figure of $35.4 million.

The oil and gas exploration company, which primarily operates in North Africa and the Middle East, increased its pre-tax profit by 10 per cent, from $13.3 million in 2012, to $14.7 million in the six months to the end of June.

Group operating profits at the company rose from $14.7 million to $16.6 million, while earnings before interest, tax, depreciation and amortisation (Ebitda) was up 34 per cent, from $18.8 million in 2012, to $25.2 million this year.

In a trading update yesterday, the Aim-listed company said it had total assets of $291.8 million at the end of June, and $23.5 million in available cash, up 92 per cent on the first-half of 2012.

“Daily oil and gas production levels are at a record level reflecting the benefit of previous investment and activity. We are also starting to move forward on our other existing assets and the recently added new Tunisian assets,” Circle Oil chief executive Professor Chris Green said.

He said the addition of five production wells and two water injection wells in NW Gemsa over the last 12 months has further increased oil and gas productivity, adding that the delayed Moroccan drilling programme which will commence in H2 has been increased to 12 wells plus two workovers.

“We have also tendered an additional 2D seismic survey for offshore Oman to delineate inshore exploration drilling targets.”

The company said its Egyptian oil fields are now producing over 11,000 barrels of oil a day.