Monday, September 02 10:10:28
Limerick-based Circle Oil today reported a 47pc increase in net production, boosted by its operations in Egypt and Morocco.
The Middle East and Africa focused company said aggregate oil and gas production net to the company from Morocco and Egypt was in the range of 6,170 barrels of oil equivalent per day (boepd).
Pretax profit increased 10 percent to $14.7 million for the six months ended June 30. Revenue rose 19 percent to $42.3 million.
The company said its operations were unaffected by the unrest in Egypt and that the current oil production in Egypt was about 11,000 barrels of oil per day (bopd) with 4,400 bopd net to Circle.
"Circle's interims highlight again operational progress made this year. Cashflow remains strong and Circle's valuation leaves it poised to rerate on any positive political progress in North Africa," Investec Securities Brian Gallagher said in a note.