Circle Oil records 23% rise in revenue

Limerick's Circle Oil has increased its revenue over the first six months of the year as compared to the same period in 2011, according to its interim results.

The international oil and gas exploration, development and production company, announced its results for the six month period ended June 30, 2012.

Revenue from oil and gas sales in H1 2012 amounted to US$35.4m, a rise of 23% over the same period in 2011.

They said it was due mainly to a "significant increase" in gas sold during the period together with higher prices achieved for both oil and gas sales.

Gross profit for the period amounted to US$16.4m, up from US$9.9m in the same preiod last year, while operating profit at US$14.7m was up by 78% on the same period in 2011 (US$8.3m).

EBITDA amounted to US$18.9m for the period which represented an increase of 60% over H1 2011.

After allowing for net financing costs of US$1.4m the group recorded a net profit of US$13.3m an increase of 53% on H1 2011 (US$8.7m) .