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Circle Oil Still In Talks With Lender Demanding Repayment

Wed, 16th Nov 2016 10:46

LONDON (Alliance News) - Circle Oil PLC on Wednesday said it remains in talks with one of its lenders which last month demanded that the UK-listed oil and gas firm repay a USD20.0 million loan by the middle of November.

In October, Circle Oil said Circle Link Sarl had asked the London-listed company to repay the loan in full, plus accrued interest. At that time, Circle Oil had only USD7.3 million in the bank and USD77.5 million of debt.

On Wednesday, Circle Oil said it remains in talks with Circle Link about the repayment of the loan.

Circle Oil shares remain suspended.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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