Circle Oil PLC (COP.LN) said Monday it swung to a net loss last year due to exploration writeoffs and a significantly lower oil price, which prompted the company to review its cost base and consider selling stakes in assets to fund operations. The U.K.-listed oil and gas explorer, which has interests in Morocco, Tunisia, and Egypt, reported a net loss of $54 million for the year ending Dec 31, 2014 compared with a net profit of $29 million in the same period a year earlier. This reflected a 9% drop in revenue to $85 million largely due to lower oil prices and exploration write offs of $57 million largely focused in Oman and Tunsia. It also recorded a $14 million impairment charge on its NW Gemsa permit in Egypt. In Morocco, gross gas production was 6.46 million cubic feet per day, broadly similar to last year, […]