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 processbased 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 atwww.circleoil.net.
This information is provided by RNS
Circle Oil plc published this content on 14 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 July 2016 15:38:05 UTC.
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