Circle Oil secures 12.5m dollar working capital facility

Middle East and Africa-focused oil and gas production company Circle Oil has agreed a 12.5m dollar secured working capital facility with Ahli United Bank Egypt.

Middle East and Africa-focused oil and gas production company Circle Oil has agreed a 12.5m dollar secured working capital facility with Ahli United Bank Egypt.

Circle, which currently has cash balances of $20.50m, said the facility would be used to fund ongoing expenditures in respect of its 40% interest in the North West Gemsa Concession in Egypt enabling it to use its available cash balances for alternative projects.

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