Sunday 26 October 2014

Circle Oil shares soar as company strikes oil in Tunisia

Published 26/08/2014 | 12:43

An oil field

Shares in Limerick based Circle Oil shot up by 25pc each today after the company confirmed it had struck oil in Tunisia.

Circle Oil shares shot up 4.5p to 22.25p each on the London Stock Exchange – a gain of more than a quarter before noon after the company announced the news.

Based in Limerick, Circle Oil is focused on oil and gas exploration in the Middle East.

It said today it had announced preliminary results of drilling of the well EMD-1 in the Mahdia Permit, offshore Tunisia.

These showed the well could contain as much as 100 million barrels of recoverable oil.

Chief executive Chris Green said: “We are extremely pleased to add this potential large discovery to our portfolio in Tunisia. It is unfortunate that  the hole conditions became untenable so quickly and we were unable to conduct a full log appraisal effort forward on the Mahdia Permit.

Earlier this year the company it reported record revenue, up 27pc to €68.7m for 2013, as it defied volatile conditions in north Africa and the Middle East.

 

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