Circle Oil sees profits soar by 147%

Increased production rates and rising oil and gas prices boosted revenues and profits — the latter by as much as 147% — to record levels at Limerick-headquartered exploration company, Circle Oil last year.

The company — whose assets are focused on northern Africa and the Middle East — yesterday reported group revenues of $57.95m (€46m) for 2011 — a figure up by 31% on the previous year.

Net profit for the year amounted to $25.6m — up by 147% from the $10.36m profit generated in 2010.