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Profits up 60pc at Limerick's Circle Oil

Tuesday, September 04 10:16:30

Limerick's Circle Oil this morning posted core profits (EBITDA) that rose 60pc in the half year to the end of June to USD19m compared to USD11.8m in the same period a year ago as oil flow from its North African wells rose.

Group turnover increased by 23pc to US$35.4 million and profit after tax was up 53pc to US$13.3 million.

"Circle's efforts in exploration and development activities have been rewarded with significantly improved profitability in H1 2012. The net profit to Circle has increased to US$13.3 million for the first half of 2012, an increase of 53pc over the same period in 2011," said Professor Chris Green, CEO.

He said that Circle's daily production in Morocco has risen to 4.3-4.5 MMscf/d with the completion of the new 55 km gas pipeline to Kenitra with further increases expected before the year end and into 2013.

"Revenue from this increased production has increased accordingly. With our new 3D seismic over the Sebou and Lalla Mimouna blocks showing multiple prospects we plan to start a five well drilling programme towards year end and into next year. The production drilling and water injection programme in Egypt is progressing with a view to adding new production wells and repressurising the reservoirs and improving recovery efficiency. Egyptian production continues to provide a steady income. Two exploration wells are to be drilled in Tunisia with civil engineering works commenced on the first well in the Grombalia permit and we are acquiring additional onshore seismic in Oman to delineate exploration drilling targets," said Professor Green.

Looking at its Egyptian prospects, he said that nine wells in the Al Amir SE field (AASE) and three wells in the Geyad field were on production at the end of June 2012, with a combined production rate of 8,800 bopd. "Water injection is providing proven pressure support to maximise recovery efficiency and increase voidage replacement, through three wells in AASE and one well in Geyad at a combined injection rate of over 20,000 bwpd. Four wells were successfully completed during the period."