Sept 2 Circle Oil Plc reported a 47
percent increase in net production, boosted by its operations in
Egypt and Morocco.
The Middle East and Africa focused company said aggregate
oil and gas production net to the company from Morocco and Egypt
was in the range of 6,170 barrels of oil equivalent per day
Pretax profit increased 10 percent to $14.7 million for the
six months ended June 30. Revenue rose 19 percent to $42.3
The company said its operations were unaffected by the
unrest in Egypt and that the current oil production in Egypt was
about 11,000 barrels of oil per day (bopd) with 4,400 bopd net
"Circle's interims highlight again operational progress made
this year. Cashflow remains strong and Circle's valuation leaves
it poised to rerate on any positive political progress in North
Africa," Investec Securities Brian Gallagher said in a note.
Shares in the company closed at 18.25 pence on the London
Stock Exchange on Friday.