Value of Circle Oil soars after find

Limerick-based exploration firm Circle Oil’s market value jumped by over €30 million to €163m yesterday on the back of it announcing a potentially transformational oil discovery off the coast of North Africa.

The company said that early drilling results from its first offshore prospect, located along the coast of Tunisia, suggests estimated recoverable resources of around 100m barrels of oil.

The news sent the AIM-listed firm’s share price rocketing by nearly 29% — or just over 5p — to 22.65p, and led one London-based analyst to slap a target price of 45p on the stock.