Circle Oil strike new deal for Moroccan gas

Cash flow and financial position remains under significant pressure

Circle has been struggling with the low oil price lately Pic courtesy of Circle Oil, Annual Report 2014

Embattled Irish oil company Circle Oil has announced a new customer for its gas in Morocco, bathroom fittings manufacturer SBS Porcher.

Circle has signed a memorandum of understanding with SBS Porcher to supply the company’s factory in the central Kenitra area with the gas discovered during the successful 2014/15 Sebou drilling campaign. According to the company, all parties expect to sign binding documentation in the coming months.

As part of this arrangement, a ...