29 Jun 2016 07:30
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.
29 June 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Suspension of Shares
In the announcement of the Company's annual results for the period ended 31 December 2015 published earlier today, the Company stated that it is expected to require a renegotiation of its existing funding arrangements or obtain additional funding in July 2016 in order to be able to discharge its financial obligations from August 2016.
The Strategic Review, announced on 15 March 2016 is progressing and discussions continue with the interested parties and the Company's principal debt providers. The process has now reached a stage where, taking into account the Company's outstanding debt position (including the amount outstanding in respect of the convertible loan) and based on the current status of the proposals received to date, the Directors believe it is likely there will be no value attributed to Circle equity holders. For the avoidance of doubt this is irrespective of the position set out in the equity and liabilities capital and reserves section of the consolidated statement of financial position at 31 December 2015.
Accordingly, the Company has requested a suspension of its shares from trading on the AIM market of the London Stock Exchange with immediate effect on the grounds of financial uncertainty.
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.
Further information on Circle is available on its website at www.circleoil.net.