24 Jun 2016 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
24 June 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Financial Update
Further to the announcement of 27 May 2016, Circle Oil plc (AIM:COP) the international oil and gas exploration, development and production company, is pleased to announce that International Finance Corporation ("IFC") has agreed to extend the suspension of the December 2015 redetermination and any repayments due under its Reserve Based Lending ("RBL") facility until 22 July 2016. IFC has indicated its willingness to consider further waivers as may be required to continue the Strategic Review process based on circumstances applying at the time of any application.
As noted in the announcement of 13 May 2016, the Company's financial position remains under significant pressure. US dollar payments from EGPC have continued to be unpredictable and to date there has not been a sustained improvement. A further update on the financial position of the Company and the Strategic Review will be given in Company's annual results for the period ended 31 December 2016, due to be published before 30 June 2016.
For further information contact:
Circle Oil Plc (+44 20 7182 4913)
Mitch Flegg, CEO
Investec (+44 20 7597 5970)Chris SimGeorge Price
James Rudd
Jonathan Wynn
Murray (+353 1 498 0300)Joe Heron
Pat Walsh
Notes to Editors
Circle Oil plc (AIM: COP) is an international oil & gas exploration, development and production company holding a portfolio of assets in Morocco, Tunisia, and Egypt with a combination of low-risk, near-term production, and significant upside exploration potential. The Company's shares were admitted to trading on AIM in October 2004.The Company has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Beni Khalled permit in northern Tunisia, the Mahdia Permit offshore Tunisia and the NW Gemsa permit in Zeit Bay area of Egypt.
Circle's strategy is to locate and secure additional licences in prospective hydrocarbon provinces and, through targeted investment programmes, monetise the value in those assets for the benefit of shareholders. This could be achieved through farm-outs to selected partners who would then invest in and continue the development of the asset into production, or Circle may opt to use its own expertise to appraise reserves and bring assets into production, generating sustained cash flow for further investment.
Further information on Circle is available on its website at www.circleoil.net.