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Circle Oil
Circle Oil is an international oil & gas exploration and development Company with an expanding portfolio of assets in Morocco, Tunisia, Oman, Egypt and Namibia with a combination of low-risk near-term production and significant exploration potential.
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Circle Oil full year profits and revenues surge as oil and gas prices rise
10:39 am by Sergei Balashov
Circle Oil said its continued drilling success in both Egypt and Morocco has resulted in increased daily production, which was reflected in its profitability in 2011
Circle Oil (LON:COP) reported a significant improvement in its full year financial results on the back of increased production and higher oil prices.
Revenues rose 31 percent to US$57.95 million in 2011 compared with 2010, while profits soared 59 percent to nearly US$20 million and earnings per share more than doubled, rising 108 percent to 4.55 US cents.
“2011 was another very successful year for Circle as we have continued to progress,” said chief executive of Circle Chris Green.
“Significantly our continued drilling success in both Egypt and Morocco has resulted in increased daily production and this is reflected in our profitability for the year.”
In the current financial year, the company will conduct further development work in Egypt to maximise production and increase recovery efficiency while in Morocco, Circle plans exploration drilling on the Lalla Mimouna Nord and Sebou blocks.
Circle also said it would tie in more discoveries to allow for an increase in the gas deliveries through its new pipeline to boost revenues.
Additional exploration drilling is planned with two wells in Tunisia, one each on the Grombalia and Ras Marmour blocks.
In Oman, Circle will acquire additional 2D seismic over Block 49 and will continue looking for a partner to join in the drilling of a well on Block 52.
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