Exploration firm Circle Oil has reported a 47% increase in net production, boosted by its operations in Egypt and Morocco.

The Middle East and Africa focused company said aggregate oil and gas production net to the company from Morocco and Egypt was in the range of 6,170 barrels of oil equivalent per day.

Pre-tax profit increased 10% to $14.7m for the six months to the end of June, while revenues rose 19% to $42.3m.

The company said its operations were unaffected by the unrest in Egypt and that the current oil production in Egypt was about 11,000 barrels of oil per day (bopd).

''The interim results show Circle’s efforts in exploration and development activities and increased production levels have been rewarded with further improved profitability,'' commented the company's chief executive Professor Chris Green.

He said the company's daily oil and gas production levels are at a record level reflecting the benefit of previous investment and activity, while it is also starting to move forward on its other existing assets and the recently added new Tunisian assets.

''The interim results show Circle’s efforts in exploration and development activities and increased production levels have been rewarded with further improved profitability,'' commented the company's chief executive Professor Chris Green.

He said the company's daily oil and gas production levels are at a record level reflecting the benefit of previous investment and activity, while it is also starting to move forward on its other existing assets and the recently added new Tunisian assets.