Oil and gas exploration firm Circle Oil has reported operating profits of $32.35m for 2013, up 15% on 2012's profits.

Group revenues for the year increased by 27% to $93.3m from $73.3m on the back of record revenues and production from both Egypt and Morocco. 

The company said its production levels are at an all time high and as a result it is seeing a resulting increase in profitability.

As well as its interests in Egypt and Morocco, the company also operates in Tunisia and Oman.

Circle said it is entering a period of "considerable activity", which will cover all of its licence areas. "The next 24 months is likely to be an exciting period of the company,'" its chairman Stephen Jenkins said in today's results statement.

Mr Jenkins said that while political changes have continued in the regions in which Circle operations, it has remained - both operationally and financially - on track.