CAIRO: Circle Oil’s first-half profit rose by four times, driven mainly by a rise in production and higher oil prices, and the oil and gas explorer said it planned to bring more gas wells on stream in Morocco that would result in higher sales in 2012.
The company, which also has assets in Egypt, Namibia, Oman and Tunisia, said it expects production levels to increase in Egypt after the installation of gas production facilities there by the end of 2011. It has joint ventures with Vegas Oil and Gas and Sea Dragon Energy in Egypt.
Circle Oil said its current share of production ranges between 3,700 and 4,000 barrels of oil equivalent per day (boepd), and said it was on track to achieve its medium-term target of 10,000 boepd.
The company’s January-June pretax profit was $8.7 million, compared with $2.1 million a year ago. Revenue jumped 35 percent to $28.7 million.
The company’s shares, which have shed about 19 percent in value over the past three months, closed at 26.6 pence on Wednesday on the London Stock Exchange, valuing the business at 143 million pounds ($228 million).
