Oil & Gas

Circle Oil agrees to extend IFC repayments, says payments from Egypt continue to be “unpredictable”

circleoilEgypt-focused Circle Oil plc announced Friday that International Finance Corporation (IFC) has agreed to extend the suspension of the December 2015 redetermination and any repayments due under its Reserve Based Lending facility until July 22.

IFC has also indicated 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. Circle’s financial position remains “under significant pressure,” according to a company statement. US dollar payments from EGPC have continued to be unpredictable and to date there has not been a sustained improvement.

A further update on the financial position of the company and the Strategic Review will be given in company’s annual results for the period ended December 31, due to be published before June 30.

(Source: Rigzone)

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