Circle Oil PLC EGPC Payment (7193B)
January 09 2015 - 2:00AM
UK Regulatory
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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