Limerick-based Circle Oil reveals 27pc jump in revenue
Published 21/06/2014 | 02:30
Limerick-based Circle has announced record revenue, up 27pc to €68.7m, as it defies volatile conditions in north Africa and the Middle East.
Circle Oil is targeting additional investment in these regions as it builds on strong revenue growth in 2013.
Revenue at the exploration firm rose 27pc to $93.3m (€68.7m) last year as new gas sales in Egypt, above, bolstered the figure.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 31pc to $51.2m (€37.7m).
Circle Oil, which is headed by chief executive Chris Green, is active in countries including Oman, Tunisia, Egypt and Morocco.
Last year, it achieved record revenue and production from its operations in Egypt and Morocco.
In Egypt, Circle's gross oil production in 2013 averaged 10,443 barrels a day.
Chairman Stephen Jenkins said Circle had a significant portfolio of assets with "considerable potential" to create value for shareholders.
"As chairman, I am keen to see the inherent value of the portfolio unlocked and to identify additional assets to further grow shareholder value," he said.
Last year, Circle agreed a $100m four-year debt facility from a unit of the World Bank, with the facility having been finalised in March this year. Those funds will be used to help drive Circle Oil's expansion.