Limerick-based Circle Oil reveals 27pc jump in revenue
Published 21/06/2014 | 02:30
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).
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.