Circle Oil revenue surges to $73m
LIMERICK-based Circle Oil said revenue jumped 26pc to $73.3m (€56.4m) last year as higher oil and gas prices boosted the value of sales and production increased.
Group operating profits at the Middle East-focused company rose 41pc to $28.2m and earnings before interest, tax, depreciation and amortisation increased to $29.2m from $26.5m. "The year 2012 was another successful period for Circle during a challenging period, given the scale of change in our core area of operations," chairman Thomas Anderson said.
"We increased operating profitability, improved cash flow and positioned the company for expansion in the coming period."
Circle said that it had completed a 12-inch gas pipeline in Egypt earlier this year to allow gas production. A water injection programme in Egypt aimed at improving recoverability is also continuing.
Circle said Egyptian gross oil production stood at around 10,200 barrels of oil per day and gross gas production of 11 million standard cubic feet per day in April. Moroccan gross gas production has been at 6.3 to 6.7 million standard cubic feet per day since early April.