Limerick-based exploration company Circle Oil has recorded its first ever gross profit of $7.37 million.
Announcing its 2009 results today, the explorer said it posted a loss of $13.5 million for the year to the end of December, compared to $10.7 million in 2008.
It said the net loss for the year resulted from a non-cash charge relating to accounting for the fair value of the convertible loan in accordance with International Financial Reporting Standards.
The firm said it raised approximately $26.94 million through a share placement which further strengthened the group's financial position and enabled its exploration and development programme continue apace.
At year-end total current assets were $36.2 million, up from $33.6 million a year earlier. Total group assets were in excess of $132 million, as against $99.7 million in 2008.
In 2010 Circle is continuing with its exploration and production programmes with further drilling in Egypt through additional appraisal wells and the likely commencement of injector support drilling," said company chairman Thomas Anderson.
"In Morocco, we will commence another drilling programme and proceed to install a new trunk line to permit increased production. As our oil production increases we are considering how best to lock in the prevailing high price of oil in light of current world economic indicators," he added.
