Circle Oil PLC Financial Update (4787Z)
May 27 2016 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 4787Z
Circle Oil PLC
27 May 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.
27 May 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Financial Update
Further to the announcements of 15 April and 13 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 24 June
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.
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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