Circle Oil's sales of oil and gas increased to $21.3 million in the first half of 2010 compared to $3.5 million during the same period the previous year.
The company posted a profit after tax of $2.1 million compared to a loss of $15.9 million.
Subsequent to June 30th, the company raised $65 million in a secondary placing of new shares. The proceeds of the placing which took place in August will be used to accelerate the Company's existing portfolio and to acquire additional assets, the company said.
Chief executive Professor Chris Green said that the results for the first half of 2010 was an excellent achievement for a relatively early stage company.
"We have recorded our first operating profit amounting to $4.6 million for the half year 2010 and this augurs well for the future. In addition, the group generated $12.9 million cash from operations during the period."
Daily production levels in Egypt continued to increase in the period, and the company said it is now planning to bring the associated gas into production.
In Morocco, the second drilling campaign has commenced and the company intends to bring the additional gas wells in Morocco on-stream by adding a larger capacity pipeline. This should result in a healthy increase in revenues, the company said.