Irish firm Circle Oil hoists ‘for sale’ sign with strategic review

Irish exploration firm, Circle Oil, has effectively placed itself up for sale, by initiating an “all options” strategic review to reduce debt, maintain sufficient cash-flow, and maximise shareholder value.

The company — which is active in northern Africa — has debt of $77.5m (approximately €70m), of which $57.5m is due for repayment, but has been waived by chief lender, the International Finance Corporation (IFC), until April 15, with further waivers possible.

Circle yesterday announced an all-encompassing strategic review, which will consider the sale of assets, an equity raise, or an entire sale of the company.