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By BFN News | CIRCLE OIL PLC ORD EUR0.01 (COP)
Circle Oil posts after tax profits of $13.3m for the six months to the end of June – 53% up on last time. Group turnover increased by 23% to $35.4m and earnings before interest, tax, depreciation and amortisation rose by 60% to $18.9m. Chief executive Professor Chris Green said: “Circle’s efforts in exploration and development activities have been rewarded with significantly improved profitability in H1 2012. “Our daily production in Morocco has risen to 4.3-4.5 MMscf/d with the completion of the new 55 km gas pipeline to Kenitra with further increases expected before the year end and into 2013. “Revenue from this increased production has increased accordingly. “With our new 3D seismic over the Sebou and Lalla Mimouna blocks showing multiple prospects we plan to start a five well drilling programme towards year end and into next year.” At 8:52am: (LON:COP) Circle Oil share price was +1.13p at 20.38p Story provided by StockMarketWire.com
