Circle Oil PLC Financial Update (8694I)
03 September 2016 - 1:25AM
UK Regulatory
TIDMCOP
RNS Number : 8694I
Circle Oil PLC
02 September 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.
2 September 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Financial Update
Further to the announcement of 5 August 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 suspend the
June 2016 redetermination and any repayments due under its Reserve
Based Lending ("RBL") facility until 30 September 2016. In
addition, IFC has continued to indicate 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.
In addition to the waiver of the redetermination, in light of
the current financial position of the Company, the IFC have again
agreed to the deferral of the interest payment due on 29 July 2016
until 30 September 2016. As with the previous interest deferral, a
condition of this deferral is that the interest will be repaid if
the Company receives significantly better than anticipated amounts
from the Egyptian General Petroleum Corporation ("EGPC").
The Company's financial position remains under significant
pressure and the position with regards to US dollar payments from
EGPC is unchanged from the announcement of 5 August 2016. As a
result of the deferral of the IFC interest payment, the Company is
in a position to discharge its financial obligations during the
period of the waiver and will continue to explore options for
additional funding during this period in order to be able to
discharge its financial obligations thereafter.
The Strategic Review process remains ongoing and further updates
will be provided as appropriate.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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