The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCircle Oil Plc Share News (COP)

  • There is currently no data for COP

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Circle Oil Agrees Repayment Waiver But AIM Listing To Be Cancelled (ALLISS)

Thu, 29th Dec 2016 07:41

LONDON (Alliance News) - Circle Oil PLC said Thursday it expects the cancellation of its AIM listing on Friday, despite agreeing a further delay on repayments due under its lending facility.

Circle Oil's AIM listing was suspended in June after a strategic review found its heavy debt load of USD77.5 million was likely to leave no value for its shareholders.

On Thursday, Circle Oil said its financial position remains under "significant pressure" following the calling in of a USD20.0 million loan repayment by Circle Link Sarl in October. The company said it is continuing to discuss its position with Circle Link but offered no further details.

Circle Oil also said it expects its listing on AIM to be cancelled with effect from Friday.

However, it said a waiver on repayments due under its lending facility with International Finance Corp and other syndicate members has been re-instated until January 26.

IFC and another unnamed syndicate member also have agreed to provide additional stand-by funding while Circle Oil concludes a strategic review. The effective interest rate for this funding is 15% per annum plus the three-month London Interbank Offered Rate.

"The strategic review process remains ongoing. The directors continue to expect there will be no value attributed to Circle equity holders as a result of the strategic review process," Circle Oil.

By Adam Clark; adamclark@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
5 Mar 2015 16:07

UK AGM, EGM Calendar - Week Ahead

Read more
5 Mar 2015 06:16

UK AGM, EGM Calendar - Week Ahead

Read more
4 Mar 2015 15:50

UK AGM, EGM Calendar - Week Ahead

Read more
4 Mar 2015 09:07

Circle Oil Plugs And Abandons Oman Well After Finding No Oil

Read more
4 Mar 2015 06:14

UK AGM, EGM Calendar - Week Ahead

Read more
3 Mar 2015 16:05

UK AGM, EGM Calendar - Week Ahead

Read more
12 Feb 2015 09:20

Circle Oil Extends Convertible Loan, Receiving Steady Payments In Egypt

Read more
20 Jan 2015 09:41

UK BROKER RATINGS: Barclays Cuts Evraz And Raises Croda

Read more
9 Jan 2015 08:01

Circle Oil Gets USD15 Million Payment From Egyptian Government

Read more
22 Dec 2014 11:33

Broker tips: Carnival, Countrywide, Circle Oil

Credit Suisse has reiterated its 'outperform' recommendation on cruise operator Carnival Corporation, saying that it is "maintain[ing a] positive view into 2015" after the company beat forecasts with its fourth-quarter results. Credit Suisse said: "We continue to see CCL shares as attractively value

Read more
22 Dec 2014 10:38

Investec hails Circle Oil's latest discovery, sees substantial upside

Investec said it sees substantial upside to shares of oil group Circle Oil after the company announced a "significant gas discovery" onshore Morocco. Results from the drilling of KSR-12 in the Sebou permit showed that the well encountered gas shows at two different levels within the objective 'Hoot'

Read more
22 Dec 2014 10:28

Circle Oil announces "significant" gas discovery on Sebou permit

Middle East- and North Africa-focused oil group Circle Oil impressed the market on Monday after announcing a "significant gas discovery" onshore Morocco. Results from the drilling of KSR-12 in the Sebou permit showed that the well encountered gas shows at two different levels within the objective 'H

Read more
21 Nov 2014 12:26

Broker tips: Easyjet, Serco, Oil stocks

Broker Liberum has lifted its target price for budget airline Easyjet from 1,650p to 1,725p and repeated its 'buy' recommendation, hailing the company's effort to adapt to an "inflationary world". Analyst Gerald Khoo said while non-fuel unit cost inflation is set to rise, Easyjet's so-called 'lean'

Read more
21 Nov 2014 11:06

Westhouse highlights attractive oil stocks that can weather crude-price falls

Westhouse Securities has called for investors in the oil and gas sector to be a "bit more patient" with oil prices currently rumbling along at multi-year lows, as it highlighted buying opportunities in the sector. Brent crude has now fallen over 25% to $79 a barrel since hitting a high of $115 a bar

Read more
11 Nov 2014 10:26

Circle Oil Chief Executive Resigns As Production Remains On Track

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.