Circle Oil says considering debt restructuring or equity raising

The exploration group said trading remains very challenging

14th December, 2015
Circle Oil said trading remains very challenging

Circle Oil said it is considering a number of options, including a debt restructuring and an equity raising, to ensure it has sufficient cash flow to fund its operations.

The exploration group said it was working toward making such a move by the end of the first quarter of 2016 after making slower-than-expected progress in discussions with International Finance Corporation on extending its lending facility while trading remained "very challenging" due to a further weakening...

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