Circle Oil to continue expanding asset base

Circle Oil is to continue expanding its asset base in the Middle East and North Africa, both organically and via acquisition.

The Limerick-headquartered exploration firm yesterday reported a 13% year-on-year increase in revenues for the first six months of this year to $47.8m (€36.3m), although profits dipped due mainly to a decline in oil recovery costs.

Gross profits dropped from $18.6m to $16.4m and earnings before interest, taxes, depreciation, and amortisation fell by 10% to $22.6m.