Prospects for Irish explorer Circle Oil dwindle

30 Dec 2016   Ireland

Irish exploration company Circle Oil said its listing on the London stock exchange will be canceled by the end of the week amid financial strains. “The company’s financial position remains under significant pressure,” it said in a statement. The company in March embarked on a strategic review, with a potential sale offering or merger with a third party among the options. By June, the company suspended its shares on the London exchange after its own strategy review found a debt load exceeded $75 million. When oil prices were holding above $100 per barrel more than two years ago, the company said it was “very pleased” with its prospects in Morocco in particular. Elsewhere in the region, however, the company said irregular payment schedules from its clients in Egypt made covering its short-term debt obligations difficult at best. In its latest statement , the […]

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