Business Irish

Thursday 29 September 2016

Circle revenues hit by oil price fall

Published 02/06/2015 | 02:30

Revenues at Circle Oil have been hit by lower oil prices. Photo: Getty Images/iStockphoto
Revenues at Circle Oil have been hit by lower oil prices. Photo: Getty Images/iStockphoto

Lower oil prices hit revenues at Limerick-based Circle Oil last year.

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The company recorded revenue for 2014 of US$84.62m, which was down 9pc on the previous year's figure in large part due to the oil price fall. Group operating profit, before write-offs and impairments, was down 28pc to US$23.31m.

But Circle pointed out that continuing strong production levels were achieved in both Egypt and Morocco, and that the Group had been partly insulated from the price fall.

Separately, Fastnet Oil and Gas yesterday said that it continues to evaluate merger and acquisition opportunities capable of delivering shareholder value. Chief executive Carol Law had been conducting detailed due diligence on a number of M&A opportunities in the sector, but had not yet found any.

Both updates came as the latest wholesale energy market report by Vayu Energy showed that Irish wholesale gas prices were 9pc higher year-on-year last month due to the euro weakening over the last year.

Irish Independent

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