THE CHIEF executive of Limerick-based company Circle Oil, which has major operations in the Middle East, is to step down.
The company has confirmed that Professor Chris Green, who has led the company for the past eight years, is to step down from the board and resign from the public limited company, which is listed on the London Stock Exchange.
According to its interim report f0r 2014, it made a profit of $9.3m, or €7.5m by the end of June.
“I am very proud of what we have achieved at Circle over the last few years. However, I feel that now is the right time for me to step down. Circle Oil has a very exciting future ahead. I wish the team well and I am confident in their abilities to deliver on the company’s significant potential,” he said in a statement.
Prof Green, an explorationist and qualified geophysicist, will remain in the role until a successor is appointed.
The board is also making additional appointments to their board “to further broaden its experience and expertise”.
Chairman Steve Jenkins thanked Prof Green for his contribution to Circle over the last eight years, four of those as CEO.
“Together with the wider team, Chris’s technical knowledge and extensive industry experience has delivered industry leading results with the drill bit, which has transformed Circle into its current position as a full cycle Middle East and Africa focused oil and gas exploration and production company,” said Mr Jenkins.
“Our operations continue and we eagerly await the result of the third Moroccan well. Whilst we have more wells to drill in the Sebou area, given the possibility of uncertain weather we will move to drill targets on higher land in Lalla Mimouna over the late autumn and winter. The forthcoming Oman Block 49 well will provide added interest, however, this is a high risk commitment well and we would be delighted if it was successful. Trading for 2014 presently continues in line with expectations,” he said.
The oil and gas exploration firm, which concentrates on the Middle East and Africa, also issued an operating update which reveals that production at its permits in Morocco and Egypt is continues to run in line with expectations.
Circle said drilling continues on an exploration well in Morocco, and that production in Egypt continues in line with predicted production profiles with oil production varying between 9,300 and 9,700 barrels of oil per day.
Circle said it is in discussion with the Tunisian authorities regarding the renewal of the permit for a further three years, and it is also engaged in preparations to commence drilling on a well in Oman.