Circle Oil sees €7.23m profit

LIMERICK-BASED oil and gas exploration company Circle Oil recorded a net profit of $10.36 million (€7.23m) last year, after incurring a loss of $13.51m in 2009.

The company’s management yesterday referred to 2010 — which also saw Circle record its first ever full-year operating profit, of $12.6m — as “a milestone year” that included a successful share-placing which raised over $66m and 100% success rates in drilling campaigns in Egypt and Morocco.

The debut operating profit was a turnaround from an operating loss of $340,000 in 2009.