Oil firm secures $12.5m funding

Limerick-headquartered oil and gas exploration company, Circle Oil has secured $12.5m (€9.5m) in additional funding for its assets in Egypt.

Oil firm secures $12.5m funding
Fri, 21 Dec, 2012 - 00:00
Geoff Percival

The funding comes via a two-year secured working capital facility with Ahli United Bank Egypt, one of the Middle-East’s leading investment banks.

The money — which will attract interest at a rate of Libor plus 4.25% — will be used by Circle to fund ongoing expenditures regarding its 40% interest in the North-West Gemsa Concession in Egypt.

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CourtsPlace: EgyptPlace: Middle-EastPlace: IrelandPlace: Atlantic MarginPlace: GhanaPlace: JublieePerson: Chris GreenPerson: Tony O’Reilly JrPerson: CEOPerson: O’ReillyOrganisation: Circle OilOrganisation: Ahli United Bank EgyptOrganisation: LIBOROrganisation: CircleOrganisation: Gemsa ConcessionOrganisation: Providence ResourcesOrganisation: BarryroeOrganisation: ProvidenceOrganisation: Kosmos EnergyOrganisation: KosmosOrganisation: Tullow OilOrganisation: JubileeOrganisation: Tullow
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