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Oil firm's profits soar

EXPLORATION group Circle Oil has reported an astounding 316pc jump in post-tax profits.

After-tax profits at the Limerick-based company soared within the year to $8.7 million (€6.2m). Shareholders will receive a full breakdown of the results at the firm's AGM in Dublin today.

The firm holds major assets in northern Africa and parts of the Middle East and a second drilling campaign has added four new gas discoveries in Morocco.

Basic earnings per share jumped from 0.5c to 1.54c and group turnover rose by 35pc, year-on-year, to $28.7m (€20.6m).