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COP Circle Oil

0.625
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Circle Oil LSE:COP London Ordinary Share IE00B034YN94 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.625 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.625 GBX

Circle Oil (COP) Latest News

Real-Time news about Circle Oil (London Stock Exchange): 0 recent articles

Circle Oil (COP) Discussions and Chat

Circle Oil Forums and Chat

Date Time Title Posts
03/9/201816:09Circle Oil PLC - Oil & Gas E & P6,184
30/1/201711:26READ B4 YOU BUY OR U WILL COP IT!280
27/12/201618:25Game changer ?1
29/6/201619:35L2 - Observations, comments and screenshots21
20/5/201609:08Circle Oil - Oil and Gas Exploration and Development18,288

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Circle Oil (COP) Top Chat Posts

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Posted at 03/9/2018 16:09 by gerry hatrick
Looks like SDX's acquisition of Circle's assets for a pittance is now bringing enormous profitability to the company !!

Adds to the view we all had of the governance of Circle Oil - even at the time I remember Paul Welch of SDX gloating saying he had got a bargain !!

Still all in the past now - have moved on, albeit enormously poorer for the experience monetarily but richer for the lesson learned !

See at :
Posted at 23/1/2017 15:30 by gerry hatrick
Yep I had ISA's and SIPP's with COP in them.
You have to open a Vantage Shares Account(if you don't already have one) and your holdings will be automatically be transferred there. I opened one with £1.
A little bit of a waste of time because they have no value BUT if you don't have one opened by 8 Feb they will arrange a paper share certificate for you and charge you £25!!!
Posted at 23/1/2017 15:00 by n13518
I have received the following from my broker. Has anyone else and what does this mean?
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Circle Oil Plc: Delisted

What has happened?

The Company has announced that their Ordinary Shares have been cancelled from AIM (Alternative Investment Market) this took effect from 7.00AM on Friday 30 December 2016 pursuant to AIM Rule 41.

Why has this happened?

“In March 2016, Circle announced it was to undertake a Strategic Review of the Group's business and assets with options being considered including, a debt restructuring, a sale of one or more of the Group's existing assets, a corporate transaction such as a merger with a third party, the sale of the entire issued, and to be issued, Share capital of the Group and the raising of capital in the form of a subscription for new ordinary Shares in the Group.

On 29 June 2016, the Company provided an update to the market that it believed that no value will be attributable to Circle Oil plc equity holders. At the Company's request, the Company's Shares were suspended from trading on the AIM market with immediate effect.” (Source, Company Announcement, 30 September 2016)

Important Information for ISA holders

Please note, as a result of the cancellation of the listing of Circle Oil Plc Shares on AIM the Company’s Shares no longer meet the eligibility criteria to be held within an ISA. ISA rules state that any Share listed on a ‘Recognised Stock Exchange’ as classified by HMRC are eligible. As the Shares are no longer listed on a ‘Recognised Stock Exchange’ the Shares must be removed from your Vantage Stocks & Shares ISA.

Holders of Circle Oil Plc Shares within a Vantage Stocks & Shares ISA have the following two options to consider:

Option 1 – Re-Register your holding into a Vantage Fund & Share Account – DEFAULT. You may transfer the Shares into a Vantage Fund & Share Account free of charge. If you do not currently have an active Vantage Fund & Share Account open with us but wish to choose this option, you must ensure you have opened a Vantage Fund & Share Account before noon on Wednesday 8 February 2017.

Option 2 – Re-Register your holding and receive a Share Certificate. You may re-register your Shares into your own name and have a certificate representing your holding sent to you. An administration fee of £25 will be charged for each certificate produced. You can give an instruction to receive a Share Certificate over the telephone.

If we do not hear from you by noon on Wednesday 8 February 2017 your holding will be re-registered into your Vantage Fund & Share account. Alternatively, if you do not have an active Vantage Fund & Share Account your holding will be withdrawn into your own name and a Share Certificate sent to you. Please note that there is a charge of £25 for each certificate produced.

Other Information and warnings

Please note that the following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell at any price.
Posted at 20/1/2017 13:00 by playthebull
Can't find anything that gives any indication on what the deal is other than it is an "attractive price" for SDX. It would be a nice surprise if there is anything left over for COP shareholders. I expect it will all go to the lenders but who knows. We are totally in the dark, no announcement on the COP website but I guess they don't have to now it has de-listed?
Posted at 22/12/2016 11:13 by gerry hatrick
Info coming out of COP has been bad at best of times and if they get de-listed from AIM on 28 December (6 months on from suspension)then it will be a dark out company.
If COP had received a large wodge of money shouldn't they have issued an RNS on that and advising on the debt default position ?
Posted at 20/6/2016 12:33 by gerry hatrick
A bit academic, but the year end results are required to be delivered by 30 June.
Typical of COP to leave shareholders waiting for info, even though the reading may not be good.
This latest rush of buying has moved the share price very little, still less than 0.75p Maybe there is a little good news about IFC extending the determination but does not look like anything of great excitement otherwise the share price would rocket - based on the premise that any news would leak out.
Still it is good to look on the bright side of life :)
Posted at 08/6/2016 17:21 by wexboy
Ignoring liabilities is definitely a bad idea (COP share price is a grim reminder of that...):

$21.6 million trade receivables minus $14.1 million trade creditors = $7.5 million net receivables.
Posted at 03/6/2016 15:51 by wexboy
2016 – The Great Irish Share Valuation Project (Part II):

Company: Circle Oil (COP:LN)

Last TGISVP Post: Here

Market Cap: GBP 3.8 M

Price: GBP 0.68p

After initiating a strategic review in March, management came clean just over a week ago, admitting there’s little or no value attributable to shareholders. Regular readers will presume I cracked open a beer to celebrate another investor death-trap biting the dust. Alas, no… In my last write-up, I did tag COP as significantly over-valued, but I also highlighted it as one of the few junior resource stocks that could boast revenue, profits, and even free cash flow! So it’s a crying shame to see it go under…

Which prompts the question: Why am I trying to value it?! Simple…’cos there’s a bunch of sprockets out there who still believe the company may be worth well over 5 million bucks!? [Perhaps the same people who reckon Petroceltic (PCI:LN) shareholders are getting 31 cents per share? Er no, see p. 9/10). So it’s only right I burst their little bubble of hope… I should also defend Mitch Flegg, who was appointed CEO just a year ago & is almost entirely blameless here. Circle’s fate was actually sealed back in 2014, when it began drawing down on a $100 million IFC loan facility (which I specifically flagged as a huge risk) to fund an aggressive ramp-up in exploration & development. While funding such spending with debt is always a bad idea, it now looks like sheer lunacy in light of the oil price collapse. But unfortunately, that collapse only commenced in mid-2014, after two years of a stable $100+ oil price…and Circle’s spending orgy was obviously launched at that point. You know the rest – the drilling was touted as successful but we saw no meaningful increase in reserves, then reserves were decimated by a re-classification & the oil price collapse, which in turn breached the covenants of the IFC loan, all while the company was burning cash, and so on & so on…

A new reserve report shows 5.4 MMboe net proved (again, we’ll value at $8 per boe) & 2.3 MMboe net probable (at $4 per boe) – and since they’re producing fields, we’ll include 5.5 MMboe net possible/contingent (P50) (at $2 per boe). The other figures we need are here: As of year-end, COP had $10 million of cash, $7.5 million of net receivables, and $77.5 million of debt. Except we should also adjust for at least half year’s cash burn, to get us to end-June – the last interims indicate a $26 million semi-annual burn, so let’s use that to be conservative. [Sure, maybe the company’s on a starvation diet now…but if you run different numbers, you’ll see it makes no difference!]:

(5.4 M boe Proved * $8 + 2.3 M boe Prob * $4 + 5.5 M boe Poss/C’gent * $2 + USD 10.0 M Cash + 7.5 M Net Receivables – 77.5 M Debt – 26 M Semi-Ann Cash Burn) / 1.4623 GBP/USD / 566 M Shares = Zero

Yes. Circle Oil is, without a doubt, worthless…

And if you know anybody who’s still a shareholder – please oh please, pass along a right old slapping from me. I mean, really, how stupid can some people get…maybe they just deserve it!

Price Target: Zero

Upside/(Downside): (100)%

For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
Posted at 23/5/2016 13:00 by learning curve
I've been buying over the last 2 days. Would be surprised if IFC didn't play ball somewhat and work with COP to find a solution here. The key phrase for me was 'little [or no] value' for shareholders ... that statement was made when the share price was c 400% higher than it is now. so clearly there are offers on the table that would deliver a modicom of value to holders.

Feel truly sorry for existing holders who have been stung big time, partly by circumstance and partly by inept previous management. But the current share price has armageddon built into it ...so I, and it seems others, have been buying.
Posted at 07/11/2015 10:22 by gerry hatrick
My e-mail to Circle Oil :
As a small investor ( with quite a large investment in COP) who is experiencing a paper loss of 66% , can I ask why the Board of Directors own relatively few shares personally.
To the outside investors , a small aim listed company like Circle Oil should be shown that the directors have faith in the company and their own money at risk.
We are led to believe that the Mahdia well prospects are potentially large, estimates of 70m to 100m barrells of oil are possibly extractable, (possibly worth £2-3bn at current oil price), if this is true, should this not encourage the board to invest , which in turn would encourage other investors and raise the SP? or are we being duped about its potential ?
Mitch Flegg has less than £10k invested, which for a man in his position and income level is a pittance. Susan Prior has purchased zero and Stephen Jenkins has £100k, which for a private investor is a lot ,but for the Chairman a very modest investment ,surely he would want to increase this given the very low price now available.
In the past year we have seen the share price drop from 28p to <5p, but we are assured that Circle are better protected than most small oil aim companies because of fixed price for gas and it's cash generation, so why is the share price so low ?
Do the BOD ever read the online forums of Circle Oil ? If they did they would gauge the opinions of their small shareholders, who feel neglected and dismisssed.

Mitch Flegg's reply to my e-mail

Dear Sir

Thank you for your continued support and interest in the company. I can assure you that I and the rest of the Board are mindful of your concerns and of the impact of the current low oil price environment on market sentiment and are working very hard to address the situation.

In spite of the continued difficult market conditions, I am pleased with the progress we have made in the last few months. Our drilling campaign in Morocco has yielded good results and the cost cutting campaign there has also had a positive impact – with drilling costs down 30% per well over the course of the current campaign. Production from our Moroccan and Egyptian fields continue to benefit from extremely low operating costs and, as you are aware we have started the Tunisian Mahdia farm-out process. I believe that this approach will lead to improved profitability which will in turn lead to a strengthening of the share price. Valuations of AIM-listed Oil & Gas companies have substantially underperformed in recent years and so we are having to work even harder to convince the market that this approach will be successful.

As you point out, I have made an investment in Circle shares and I will follow this up with appropriate investments as personal finances allow. I’m afraid that I can’t comment on behalf of the other directors.

I am disappointed to hear that you feel that some of the small shareholders feel ‘neglected and dismissed’. It is my intention that Circle is an open and honest company and that we communicate clearly with our shareholders and other stakeholders. We are certainly working hard to ‘up our game’ in this regard. You have asked whether Circle view the forums. I would say that I and others keep an interest in the discussions which take place in all media, including the forums. You will appreciate though, that as a listed company we are somewhat constrained in the channels that we communicate through. You can always contact me at info@circleoil.net should you have any further questions.

Regards

Mitch Flegg | Chief Executive Officer
Circle Oil plc

Make your own minds up what this says about our BOD.
Circle Oil share price data is direct from the London Stock Exchange

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