Circle mulls funding options

Exploration firm Circle Oil has said it may explore a number of funding options to safeguard its financial stability in the current depressed oil price environment.

The company, which is active in northern Africa, yesterday posted an operating profit of almost €5.5m for the first half of 2015, down from €12.3m for the same period last year.

Circle incurred significant costs drilling offshore Tunisia and Oman which have materially impacted its cash resources.