Co Limerick-based international oil and gas exploration company Circle Oil has reported a 53% increase in profits in the first half of the year.

Fresh estimates concerning how much oil exists at the Barryroe field, off the Cork coast, have hinted at around one billion barrels, three times higher than previous expectations.

PROVIDENCE Resources, a Dublin-based energy explorer, may bring Celtic Sea crude ashore by 2013 as it seeks to make the first profitable Irish oilfield, said chief executive Tony O’Reilly.