Circle Oil lost $13.5 million last year as the company continued to develop its oil and gas exploration interests in Africa and the Middle East.

The company began selling oil and gas from some of its developed licences for the first time last year, earning $15 million in revenues. After expenses and exploration costs, this left it with an operating loss of $344,000.

Costs associated with the continuing development of its exploration interests left it with a loss for the year of $13.5 million. Assets at year-end topped $132 million, more than 30 per cent ahead of the $99 million at the end of 2008.