Transaction information

Transaction date: Feb 10
Transaction type: Placing
Amount: £16.5M

Company information

Circle Oil plc is an oil and gas exploration, development and production company with an attractive portfolio of assets in Morocco, Namibia, Oman, Panama and Tunisia. The Company's strategy is to locate and secure licences in the new hydrocarbon provinces with the objective of bringing these licences up to farm-out status through minimal work programmes. The Company may then negotiate joint ventures or similar arrangements wit other companies involved in oil and gas development and production to facilitate significant work programmes with a view to limiting the Company's direct financial outlay to the extent practicable whilst maximising potential returns.

At the same time, the Company intends to actively pursue the acquisition of medium sized hydrocarbon reserves and resources which the Company believes, with its technical expertise, could be developed or upgraded within its financial capacity or in partnership with others. The Company's shares were listed on the Alternative Investment Market (AIM) of the London Stock Exchange in October 2004. The Company is incorporated in the Republic of Ireland and retains it's registered office in Limerick, Republic of Ireland, with technical services centred in Berkshire, United Kingdom.