Circle Oil PLC Financial Update (1705C)
June 24 2016 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 1705C
Circle Oil PLC
24 June 2016
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 Sim
George 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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