Limerick-based exploration firm Circle Oil sees revenue rise by 20%

Limerick-based explorer Circle Oil has vowed to further grow its business with increased drilling activity as well as more acquisitions, after reporting strong profit, revenue, and production gains in the first six months of the year.

The company — whose main geographical focus is in northern Africa — yesterday posted first-half revenues of $42.3m (€32m), up by 20% on the same period last year.

Profit for the period was up by 10%, year-on-year, at $14.7m; with earnings before interest, taxes and amortisation ahead, on an annualised basis, by 34% to $25.2m.