COP Circle Oil

TIDMCOP

RNS Number : 7193B

Circle Oil PLC

09 January 2015

9 January 2015

Circle Oil Plc

("Circle" or the "Company")

EGPC Payment

Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, is pleased to announce receipt of US$15 million as part of a recent special payment distribution by the Egyptian Government to oil companies operating in Egypt. This has resulted in a significant reduction in the outstanding debt owed to the Company.

Commenting Prof. Chris Green, CEO, said:

"We are delighted to have received this special payment which, both for Circle and in the larger industry context, should be seen as a very positive step. We thank the Egyptian Government and look forward to continuing to further develop Circle's position in Egypt."

For further information contact:

Circle Oil Plc (+44 20 7638 9571)

Steve Jenkins, Chairman

Investec (+44 20 7597 5970)

Chris Sim

George Price

James Rudd

Liberum Capital Limited (+44 20 3100 2222)

Clayton Bush

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson

Shabnam Bashir

Murray Consultants (+353 1 498 0300)

Joe Murray

Joe Heron

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, Oman, and Egypt with a combination of low-risk, near-term production, and significant upside exploration potential. The Company listed on AIM in October 2004.

Internationally, the Company has continued to expand its portfolio over the past years and now has assets in the Rharb Basin, Morocco; the Ras Marmour Permit in southern Tunisia; the Mahdia Permit offshore Tunisia, and the Zeit Bay area of Egypt. Circle also has the largest licensed acreage of any company in Oman. In addition to its prospective Block 52 offshore, Circle has an ongoing exploration programme in Block 49 onshore.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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