Pressure on Circle Oil as time called on $20m loan

Pressure is mounting on Irish-founded exploration firm Circle Oil, with one of its chief lenders looking for a $20m (€18.3m) loan to be repaid, with interest, next month.

Circle — which has its roots in Limerick and its operational focus on northern Africa — has a total debt mountain of $77.5m (€71m); $57.5m of which is owed to the World Bank-affiliated International Finance Corporaton.

The $20m due to be repaid by November 15 is a convertible loan held by a subsidiary of KGL Investment Company.