Circle Oil 2012 revenues top $73 million

Limerick-based exploration company Circle Oil has reported a 26 per cent increase in revenues from $57.9 million in 2011 to $73.2 million last year.

The company attributed the rise in revenue to increased production and higher oil and gas prices resulting in sustained profitability.

Group operating profits at the Middle East-focussed company rose 41 per cent to $28.2 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $29.2 million from $26.5 million in 2011.

The company said it had completed a 12 inch gas pipeline in Egypt facilitating the commencement of gas production.

"2012 was another successful year for Circle during a challenging period, given the scale of change in our core area of operations. We increased operating profitability, improved cash flow and positioned the Company for expansion in the coming period," Circle Oil chairman Thomas Anderson said.