Circle Gets Respite from IFC

Circle Oil, the UK-based North Africa focused explorer, said May 27 that World Bank subsidiary, the International Finance Corporation (IFC), has agreed to extend until June 24 its suspension of the December 2015 redetermination and any repayments due under its loans to the company.

IFC has indicated its willingness to consider further waivers as may be required to continue Circle's strategic review process based on circumstances applying at the time of any application.

Circle Oil Morocco permits (image credit: Circle Oil)

A week ago AIM-listed Circle told shareholders they might be left with little or nothing once creditors had been paid, and that it was considering all options including a takeover or an outright sale of the company. It is developing gas in Egypt, and has exploration interests in Morocco and Tunisia.

Mark Smedley