Circle Oil Plc Regulatory News (COP)

3 Aug 2005 15:04

Immediate release: 3 August 2005 Circle Oil Plc Circle Oil Complete ‚£10 million Institutional Placing Circle Oil Plc ("Circle Oil") is pleased to announce that it is raising ‚£10million by way of a placing of 33,333,350 new ordinary shares withinstitutional investors at a price of 30p per share (the "Placing"). ThePlacing is being undertaken, on behalf of the Company, by Collins StewartLimited.The funds raised under the Placing (net of expenses) will adequately fundexpenditure by the Company through to 2007 to meet the exploration programcommitments on the Company's current license areas and the expected commitmentson the license areas in Offshore Oman, which is pending signing, and Panama,which is under application, as well as the Company's working capitalrequirements.It is expected that dealings in the new ordinary shares to be issued under thePlacing will commence on 9 August 2005.Commenting on the Placing, Mr David Hough, Chief Executive, Circle Oil Plc,said:"Circle Oil is delighted to have completed this funding and attracted thesupport of a number of large institutional investors."Notes to editors:Circle Oil Plc is a public company listed on the AIM of the London StockExchange. The trading symbol is COP.L. The principal business is Oil and Gasexploration, development and production. Further information is available onits website: www.circleoil.comFor further information please contact;David Hough, Chief Executive Officer, Circle Oil plcat: +353-87-240 2200 or +353-61-354831John McKeon, Business Development Officer, Circle Oil plcat: +44-7767 262628Jack Keyes, Chief Operating Officer, Circle Oil plcat: +1 281 920 0055Michael O'Brien, Chris Howard, Collins Stewart Limitedat: +44-207-523-8350Ben Simons, Hansard Communicationsat: +44-207-245-1100ENDCIRCLE OIL PLC