Circle Oil PLC Suspension of Shares (5698C)
29 Juni 2016 - 8:30AM
UK Regulatory
TIDMCOP
RNS Number : 5698C
Circle Oil PLC
29 June 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.
29 June 2016
CIRCLE OIL PLC
("Circle" or the "Company")
Suspension of Shares
In the announcement of the Company's annual results for the
period ended 31 December 2015 published earlier today, the Company
stated that it is expected to require a renegotiation of its
existing funding arrangements or obtain additional funding in July
2016 in order to be able to discharge its financial obligations
from August 2016.
The Strategic Review, announced on 15 March 2016 is progressing
and discussions continue with the interested parties and the
Company's principal debt providers. The process has now reached a
stage where, taking into account the Company's outstanding debt
position (including the amount outstanding in respect of the
convertible loan) and based on the current status of the proposals
received to date, the Directors believe it is likely there will be
no value attributed to Circle equity holders. For the avoidance of
doubt this is irrespective of the position set out in the equity
and liabilities capital and reserves section of the consolidated
statement of financial position at 31 December 2015.
Accordingly, the Company has requested a suspension of its
shares from trading on the AIM market of the London Stock Exchange
with immediate effect on the grounds of financial uncertainty.
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's shares were admitted to trading on AIM in
October 2004. 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 at
www.circleoil.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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