Business Irish

Sunday 22 October 2017

Circle Oil on track for record production numbers

Peter Flanagan

Peter Flanagan

LIMERICK-based explorer Circle Oil said it was on track for record production numbers this year, after the company reported half year results that beat market forecasts.

In a statement, the firm said that in the six months to the end of June, Circle said its profits rose 10pc to $14.7m (€11.3m) on the back of revenue of $42.3m.

Importantly, Circle said production increased some 47pc in the first half of the year to 6,170 barrels of oil equivalent per day.

The company has interests across north Africa and is focused mainly on Morocco and Egypt. It also holds drilling licences off the Italian coast.

Company chief executive Prof Chris Green commented: “The interim results show Circle’s efforts in exploration and development activities and increased production levels have been rewarded with further improved profitability.

“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.

By 11.30 in London, Circle was trading at 18.25 pence. The shares are down 5.2pc in the last year.

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