Oil company aims to treble production levels

LIMERICK-headquartered exploration company, Circle Oil is aiming to almost treble its daily production levels within the next three years.

The company – which is solely focused on Northern Africa and the Middle-East – has a production level of 4,000 barrels of oil equivalent per day (boepd), mainly coming from its assets in Egypt.

However, additional drilling activity in Oman and Tunisia along with a new pipeline coming on stream in Morocco by next summer should help to boost production rates to around 10,000 boepd by 2013.

The production increase should also equate to a four-fold increase in revenues. The AIM-listed company, which held its annual general meeting in Dublin yesterday, recently raised nearly €50m in a successful share placing to boost its medium-term growth prospects.

Meanwhile, Ormonde Mining – the Navan-based company involved in tungsten production in Spain – saw its share price rise by over 8%.


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