Circle Oil PLC Financial Update (1394E)
July 14 2016 - 2:00AM
UK Regulatory
TIDMCOP
RNS Number : 1394E
Circle Oil PLC
14 July 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.
14 July 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Financial Update
Further to the announcement of 24 June 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 further extend the
suspension of the December 2015 redetermination and any repayments
due under its Reserve Based Lending ("RBL") facility until 5 August
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, most recently, in Circle's Preliminary Results
announcement of 29 June 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. As a result, the Company continues to
explore options for additional funding during the course of July in
order to be able to discharge its financial obligations from August
2016.
Further updates will provided to the market as the Strategic
Review process continues.
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 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.
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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