Circle Oil nearing asset sale agreement

Circle Oil could reach a deal to sell its main production assets in the next couple of months, allowing it to repay the bulk of its $78m (€70m) debt.

Trading in the Irish exploration firm’s shares was suspended yesterday after it said it needs to renegotiate its funding arrangements and obtain additional funds.

Circle owes its chief lender, the World Bank-affiliated International Finance Corporation $57.5m, which would be payable if the IFC were to stop issuing waivers.