British exploration company Serica Energy has said it should be in a position to turn its attention to its dormant Irish acreage in the new year.

British exploration company Serica Energy is actively looking for development partners to move forward its Irish assets to the drilling stages.

Irish exploration firm, Circle Oil, has effectively placed itself up for sale, by initiating an “all options” strategic review to reduce debt, maintain sufficient cash-flow, and maximise shareholder value.

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.