Circle Oil reports record production growth as revenues rise 27% to $93m

Limerick-based explorer, Circle Oil intends to expand its presence in northern Africa in a bid to increase shareholder value, after reporting record revenue and production growth for last year.

The company — whose operations are spread across northern Africa and the Middle East — yesterday reported revenues of just over $93.3m (€68.7m) for 2013; up by 27% on the previous year.

Operating profits of $32.3m constituted a 15% annual rise, while earnings before interest, tax, depreciation and amortisation were up by over 30% at almost $51.3m.