As eight new wells are explored in Egypt, the revenues of Circle Oil heads skywards.

The exploring of eight new oil wells in Egypt increased Circle Oil’s sales threefold, surpassing 2010 market projections, according to Reuters.

Kris Green, company CEO, said that the company owns assets in Morocco, Namibia, Oman, Egypt and Tunisia with revenue ranging between $43-44 million.

Production is to rise to 6000 barrels per day in 2011, compared to 3500-4000 in 2010, with a market value equal to $299.4 million. The company will start gas production in 2011, which will boost revenue intensively.

(Source: ahram.org)