Circle Oil: IFC financing
Issue 274
- 01 Apr 2014
| 1 minute read
AIM-listed Circle Oil has signed a reserve-based lending facility of up to $100m with the World Bank’s International Finance Corporation (IFC). The facility, designed to repay existing debt and release capital for investment in new exploration and development, matures in June 2018 and is secured against Circle’s production in Egypt and Morocco. IFC will hold $50m of the facility and syndicate the remainder to a group of international and regional banks. Broker Investec said that, with financing in place, Circle could start to target some of the upside in its portfolio.
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