Operating profits at oil and gas exploration firm Circle Oil rose 15 per cent from $28.1 million to $32.3 million last year on the back of record revenues and production in Egypt and Morocco.

The Limerick-based group, which earlier this week confirmed a new gas find at the Sebou Permit in Morocco, posted revenues that were up 27 per cent to $93.3 million. Earnings before interest, tax, depreciation and amortisation (ebitda) increased 31 per cent to $51.3 million.

Cash generated by operations rose 36 per cent to $53.4 million last year as a result of increased cash receipts from Egyptian General Petroleum Corporation (EGPC), which were up 20 per cent compared to 2012.

The company, which concentrates on the Middle East and Africa (MENA), said progress had been made in all the countries it operates in last year.

"Circle has continued to produce gas in Morocco for supply to local industry, as well as to produce oil, gas and associated liquids in Egypt. Our production levels are at an all-time high and as a result we are seeing a resulting increase in profitability, said chairman Stephen Jenkins.

He said the group, which signed a loan agreement of up to $100 million earlier this year to allow it to invest in new exploration and development, was “entering a period of considerable activity.”

“In the coming year Circle will use the proceeds from existing cash flow and senior debt facilities to grow the value of the company. Circle’s primary area of focus continues to be the MENA region and it is our intention to add additional projects in this area to increase the value of the company. We are continuously evaluating projects and opportunities, both organic and inorganic, and continue to see great potential in the region in which we operate.”