14 Jul 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.
14 July 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Financial Update
Further to the announcement of 24 June 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 further extend the suspension of the December 2015 redetermination and any repayments due under its Reserve Based Lending ("RBL") facility until 5 August 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, most recently, in Circle's Preliminary Results announcement of 29 June 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. As a result, the Company continues to explore options for additional funding during the course of July in order to be able to discharge its financial obligations from August 2016.
Further updates will provided to the market as the Strategic Review process continues.
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 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.
Further information on Circle is available on its website at www.circleoil.net.