Circle Oil PLC Amendment & Extension of Convertible Loan (3322L)
April 27 2015 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 3322L
Circle Oil PLC
27 April 2015
27 April 2015
Circle Oil Plc
("Circle" or the "Company")
Amendment and Extension of Convertible Loan Agreement
Further to the announcements of 12 February and 10 March 2015,
Circle Oil Plc (AIM: COP), the international oil and gas
exploration, development and production company, is pleased to
announce the signing of the agreement relating to the amendment and
extension of its convertible loan agreement dated 8 June 2007 (as
amended and restated on 23 May 2012) with Circle Link S.ar.l, a
subsidiary of Kuwait based KGL Investment Company, under which
US$30 million was due for redemption by 19 July 2015.
As set out in the circular to shareholders dated 12 February
2015, Circle will repay US$10 million before 19 July 2015 whilst
extending the remaining US$20 million until 19 July 2017 at a
revised conversion price of GBP0.136 per ordinary share with a
right to Circle to further extend the date until 19 July 2018 and
19 July 2019 on amended terms.
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
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
Murray Consultants (+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, Oman, and Egypt with a combination
of producing assets, low-risk, near-term production opportunities,
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
with 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.
Through either route the objective would be generation of 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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