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Circle cites N. African promise, as loss widens

Published Jun 28, 2007

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Ireland-based North Africa explorer Circle Oil has posted a near 60-percent greater loss for 2006 than the year before, a $2.78 million deficit incurred for the gain of “lower risk” exploration acreage.

The quest for production and a willing partner on Namibian permits took longer than expected, a statement said, and the company admitted a shortage of cash.

No dividend was recommended amid a doubling of operating costs, and company hopes now appear pinned to new acreage in Tunisia, Morocco and Block 49 in Oman, which shows promise for the success of nearby drilling.

Offshore Oman, in Block 52, 6,000 kilometres of seismic could yet yield new partners, and up to 24 months of drilling look set to get underway in July 2007. To this end, a $30 million loan with KGL Petroleum of Kuwait has been secured.

 

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