A LIMERICK based company continues to buck the trend on a world stage as their latest set of financial data indicate that the growth of Circle Oil is on the up as their international drilling explorations and oil production brings the company to profitable revenues. Circle Oil which is Limerick headquartered and London Stock Exchange listed is currently exploring for oil and gas in North Africa and the Middle East and at present producing oil in Egypt and gas in Morocco.
Their recent interim results show that it has recorded sales revenues of €16 million, an operating profit of €3.5 million and generated cash of €10.1 million from operations for the half year to 30 June 2010. Following their recent successful share placing the company currently has cash at bank of €52million.
Brendan McMorrow, CFO at Circle Oil said, “We are very happy with the positive half year results for a relatively early stage company and in particular our recent successful equity funding during which we raised US$65 Million”.
Professor Chris Green, CEO, commented: “I am delighted with the continuing progress of the Company during the first half of 2010.
“We have recorded our first operating profit amounting to US$4.6 million for the half year 2010 and this augurs well for the future. In addition, the Group generated US$12.9 million cash from operations during the period.
“Our daily production levels in Egypt have continued to increase and we are now planning to bring the associated gas into production. In Morocco, the second drilling campaign has commenced and we are working hard to bring the additional gas wells in Morocco on-stream by adding a larger capacity pipeline, which should result in a healthy increase in revenues.
“Subsequent to 30 June a very successful funding was completed and US$65 million raised in a secondary placing of new shares in August. The proceeds of the placing will be used to accelerate the Company’s existing portfolio and to also acquire additional assets.
Overall this is an excellent achievement for a relatively early stage company.”
