Circle Oil COP. Listed Oct 2004
127 million shares. Many locked in till October 2005.
Market Cap £34 M
Small oil exploer with interests in Namibia, Celtic Sea and (possibly) Iraq/other Middle East.
Over £3 M cash.
Expected to do farm in deal with major Chinese oil player in Namibia.
A medium find (300M barrels ) in Namibia would make the company worth some £1.50 per share - or more. Currently 27p.
A safer bet than Ramco or Petrel and hopefully more rewarding..
(EDIT 3/1/05) and if they do a deal with a Chinese major and some Chinese investors decide to come on board, then the potential could be MUCH higher..although that could be at the expense of huge volatility.
