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.

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.