Irish-founded exploration firm Circle Oil is considering a fresh equity raise in the new year in a bid to “right size” its balance sheet.

Exploration firm Circle Oil has said it may explore a number of funding options to safeguard its financial stability in the current depressed oil price environment.

Circle Oil has launched a strategic review of its cost base after falling oil prices sunk the company’s financial performance last year.

Limerick-based explorer, Circle Oil intends to expand its presence in northern Africa in a bid to increase shareholder value, after reporting record revenue and production growth for last year.