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Record Profits At Circle Oil
Thursday, June 07 12:50:28
Circle Oil has turned in record financial results due to increased production and higher oil and gas prices. Revenues rose 31pc to almost 58 million USD while net profit jumped to USD25.6m. The Limerick-based oil and gas company enjoyed 100pc success in its six well Egyptian drilling campaign comprising three producing and three water injection wells. Circle has a water injection programme underway in Egypt which is aimed at improving recoverability with the current daily production rate reaching 10,000 barrels of oil per day (bopd) gross. Circle says its two year drilling programme in Morocco has been highly successful with five wells drilled and four successfully tested for gas, with one well still to be tested. A Bayphase Reserve Report shows 30pc increase in gross initial recoverable reserves over the 2010 ultimate recoverable resources number Circle continues to bring its assets into production leading to increased revenue and a new gas pipeline infrastructure installation completed in Morocco is bringing increased production levels and revenue this year.
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