LONDON (ShareCast) - Circle Oil, the middle east and north Africa focused oil and gas company, has risen in morning trading after revealing better production numbers at its Egyptian fields.

Water injection at the company’s NW Gemsa block has boosted production to 10,000 barrels of oil equivalent per day, while revenue for the full year to the end of December was $57.95m, up 31% on the prior year.

Earnings per share more than doubled on 2010, up to 4.55 cents from 2.19 cents.

Exploration has been progressing, with “100% success in a six well Egyptian drilling campaign comprising three producing and three water injection wells”.

Combined with the group’s assets in Morocco, where a drilling programme discovered four gas wells, Circle has seen its “recoverable reserves” figure rise by 30%.

Prof Chris Green, Chief Executive, said:"2011 was another very successful year for Circle as we have continued to progress. Significantly our continued drilling success in both Egypt and Morocco has resulted in increased daily production and this is reflected in our profitability for the year."

At 12:27AM the shares were up 1.84%.

BS

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