Irish explorer Circle Oil enjoyed a prosperous 2013, according to the company’s preliminary financial report for the year.
Record revenues and production from the firm’s Egypt and Morocco assets contributed to an overall 27% increase in revenues, compared to 2012.
As the company began sales of gas and condensate through the connection of a new gas line in Egypt, it also recorded a 36% increase in cash generated from operations, up to $53.4million.
Circle’s available cash balance also grew from the year before to close 2013 with just over $26million in the bank, despite farming into the Beni Khaled production licence in Tunisia with an initial 30% stake in the summer.
“Circle has a significant portfolio of assets with considerable potential to create value for shareholders,” said chairman Stephen Jenkins.
“As chairman I am keen to see the inherent value of the portfolio unlocked and to identify additional assets to further grow shareholder value.”
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