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 is hoping to reach agreement by the end of this year on a farm-out deal, regarding its highly-rated assets offshore Tunisia.

The Limerick-based exploration firm Circle Oil has commenced the search for a new chief executive after announcing that the incumbent, Professor Chris Green, intends to step down and resign from the company’s board.