Oil firm secures $12.5m funding

Limerick-headquartered oil and gas exploration company, Circle Oil has secured $12.5m (€9.5m) in additional funding for its assets in Egypt.

The funding comes via a two-year secured working capital facility with Ahli United Bank Egypt, one of the Middle-East’s leading investment banks.

The money — which will attract interest at a rate of Libor plus 4.25% — will be used by Circle to fund ongoing expenditures regarding its 40% interest in the North-West Gemsa Concession in Egypt.

It will also allow the firm to use its available cash balances — currently totalling $20.5m — for alternative projects.

Professor Chris Green, Circle’s CEO, said that the new money acts as recognition of the quality of Circle’s producing assets in Egypt.

“The facility augments already robust current cash balances and will release additional capital for investment across the group’s area of operations as we develop senior debt options to accelerate company growth,” he added.

Meanwhile, Providence Resources, in its end of year trading statement, hailed 2012 as “a landmark year”. Tony O’Reilly Jr, CEO, said while 2012 was “a very exciting year”, management firmly believes 2013 “promises to deliver even more”.

While the better-than-anticipated find at Barryroe dominated Providence’s year, Mr O’Reilly reiterated that the firm is about much more, and will be drilling in three more basins during 2013, with the potential to open up Ireland’s largely undrilled Atlantic Margin region.

No details were given on the progress being made on Providence’s efforts to find a development partner for Barryroe, however, but more on this is expected in the new year.

Elsewhere, an update from international firm, Kosmos Energy has confirmed that production at Ghana’s Jubilee field is now in excess of 105,000 barrels of oil per day, which constitutes a record high.

While Kosmos owns 24% of the field, Irish- founded firm Tullow Oil has a 35% stake.

Jubilee is a core asset of Tullow’s and production had been hampered by various mechanical issues; although the company did recently report that production had exceeded its year-end targets.

Production at Jubliee is expected to climb further in the new year.


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