Circle Oil: Shares suspended

Circle Oil has requested suspension of its shares on London’s AIM “on the grounds of financial uncertainty”. The company said that while a strategic review was progressing, “the directors believe it is likely there will be no value attributed to Circle equity holders”. Circle said its financial position remained under significant pressure because of the unpredictable and infrequent payments from Egyptian General Petroleum Corporation, and warned that it may need additional funding during July to be able to discharge its financial obligations from August 2016.