Circle Oil's financial waiver reinstated, repayments deferred to 29 January
29th Dec 2016 08:08
(ShareCast News) - The International Finance Corporation, a member of the World Bank, and syndicate members have agreed to reinstate Circle Oil's financial waiver until 26 January 2017 as the oil and gas explorer continues to be "under significant pressure". The IFC reinstated the company's recent w
Read moreCircle Oil Moroccan pipeline repairs completed
16th Sep 2016 10:04
(ShareCast News) - International oil and gas exploration, development and production company Circle Oil announced the completion of repairs to its gas pipeline in Morocco on Friday. The AIM-traded firm had announced on 8 August that an earth movement near to the town of Kenitra in northern Morocco r
Read moreCircle Oil reduces Morocco production after 'earth movement'
8th Aug 2016 15:06
(ShareCast News) - International oil and gas exploration, development and production company Circle Oil announced a temporary reduction in gas production rates in Morocco on Monday. The AIM-traded company said a recent earth movement near the town of Kenitra in northern Morocco has resulted in the t
Read moreCircle Group says payments from Egyptian government continue to be unpredictable
24th Jun 2016 10:31
(ShareCast News) - Egypt-focused Circle Oil obtained a measure of relief for its dire financial position after the World Bank's International Finance Corporation agreed to extend a suspension on a possible tightening of the terms of one of the company's lending facilities and any repayments due unde
Read moreCircle Oil says there could be "little or no value" left for shareholders
20th May 2016 09:18
(ShareCast News) - Shares in Circle Oil tanked on Friday after it said that given its $77.5m outstanding debt position and based on the indicative proposals received to date, the outcome of the strategic review is likely to be little or no value to equity holders. The AIM-listed oil and gas explorat
Read moreCircle Oil secures extension to debt waivers
15th Apr 2016 09:36
(ShareCast News) - AIM-listed oil and gas exploration company Circle Oil said on Friday that the International Finance Corporation has agreed to extend the suspension of repayments due under the group's reserve based lending facility. The deadline has been extended until 13 May 2016. "IFC has indic
Read moreCircle Oil eyes fundraising or debt restructuring
14th Dec 2015 14:11
(ShareCast News) - As its lending facilities are likely to soon contract, Circle Oil has begun to explore a possible equity fundraising as well as, or instead of, a debt restructuring. The AIM-listed company, which recently agreed an extension of its reserve-based lending (RBL) facility with lender
Read moreCircle Oil delighted with results from latest well
13th Oct 2015 11:24
(ShareCast News) - Circle Oil's chief executive is delighted with the results from their latest well in Morocco. The company issued a progress update on Tuesday for Ksiri West-A exploration well on the Sebou Permit, onshore Morocco. It said the well reached a total depth of 1,890 metres in mid-Sept
Read moreCircle Oil slumps as it plugs and abandons Morocco well
26th Aug 2015 09:10
(ShareCast News) - Shares in Circle Oil fell on Wednesday after the company said it has plugged and abandoned the Ksiri South exploration well on Sebour permit onshore Morocco. Chief executive officer Mitch Flegg said: "The drilling conditions at KSS-A proved challenging, and as a result it was deci
Read moreCircle Oil gets extension for Mahdia licence in Tunisia
19th Aug 2015 10:47
(ShareCast News) - Circle Oil has been given approval by the Tunisian Authority to renew the exploration permit on its Mahdia block in Tunisia. The oil and gas exploration, development and production company said the permit, in which it has a 100% working interest, is being extended three years unti
Read moreCircle Oil dips as it postponses drilling at Moroccan ANS-2 well
14th Jul 2015 10:10
(ShareCast News) - Circle Oil froze drilling operations at its ANS-2 exploration well in the Lalla Mimouna Permit as it called into question whether operations were worth completing, sending shares into the red. Reservoir quality dipped below pre-drilling expectations, the analysis of wireline logs
Read moreCircle Oil announces strong results from first well at Lalla Mimouna Permit
26th Jun 2015 08:47
AIM-listed North African focused Circle Oil reported that gas has flowed at the LAM-1 well on its 75%-owned Lalla Mimouna Permit, onshore Morocco. LAM-1, which is the first well drilled by Circle on the permit, flowed at a stabilised rate of 1.1m square cubic feet per day. Initial results could pot
Read moreBroker tips: Carnival, Countrywide, Circle Oil
22nd Dec 2014 11:33
Credit Suisse has reiterated its 'outperform' recommendation on cruise operator Carnival Corporation, saying that it is "maintain[ing a] positive view into 2015" after the company beat forecasts with its fourth-quarter results. Credit Suisse said: "We continue to see CCL shares as attractively value
Read moreInvestec hails Circle Oil's latest discovery, sees substantial upside
22nd Dec 2014 10:38
Investec said it sees substantial upside to shares of oil group Circle Oil after the company announced a "significant gas discovery" onshore Morocco. Results from the drilling of KSR-12 in the Sebou permit showed that the well encountered gas shows at two different levels within the objective 'Hoot'
Read moreCircle Oil announces "significant" gas discovery on Sebou permit
22nd Dec 2014 10:28
Middle East- and North Africa-focused oil group Circle Oil impressed the market on Monday after announcing a "significant gas discovery" onshore Morocco. Results from the drilling of KSR-12 in the Sebou permit showed that the well encountered gas shows at two different levels within the objective 'H
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