Circle Oil shareholders in ‘nightmare’ debt warning

Shares in Circle Oil slumped after the Irish-based North African energy firm, which has a large band of small Irish shareholders, issued a grim warning about its debt pile.

The company is the latest small oil and gas explorer and producer to face a “nightmare” following the collapse in global oil prices, a leading analyst said.

Five years ago, the EU imposed a freeze on a 17% stake in Circle Oil held by Libya Oil Holdings, which was then controlled by former leader Colonel Gaddafi.