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Circle's revenues up 13pc on Morocco gas

Wednesday, September 03 10:51:49

Limerick-based, North Africa focused energy prospector, Circle Oil, today posted revenues that rose 13pc to USD47.8m in the half year to the end of June as it pumped gas from its Moroccan prospect.

Profit for the period of USD9.4m down by 36pc due to additional expenditure relating to increased operational activity, the implementation of the senior debt facility and reduction in cost recovery in the North West Gemsa permit, Circle said.

Available cash at 30 June 2014 was USD29.9 million up by 27pc.

Professor Chris Green, CEO, said that the rest of the year shows promise on a number of fronts.

"Circle's continuing efforts in exploration and development activities for the first half of 2014 have been rewarded with a successful start to the third Moroccan drilling campaign in the SAH-W1 discovery in the Sebou permit. Oil production in Egypt continues on a solid footing and Moroccan gas production now contributes increasingly to our revenues. The ongoing drilling programme in Morocco and post period announcement of the EMD-1 potential discovery in the Mahdia Block gives further near and mid-term opportunity to grow the Company for the benefit of all stakeholders. An exciting period is ahead with the second half of the year including new drilling in both Morocco and onshore Oman," he said.

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