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Circle Oil Share Discussion Threads
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|dwc - agreed, but as we can't do anything whatsoever about the situation, it's all academic.|
|Now Xcite shares suspended on AIM for much the same reason COP is dead in the water
|a straw to clutch at:
|Where there is life, there is hope. Lots of money down the tube.|
|Understatement Steel, COP is dead, we are just waiting for the funeral pyre :(|
|...Chris Green fouled up here. Current BoD just trying to pull the fat out of the fire, but it doesn't look good.|
|Are these Directors on drugs or what , it does not take 6 months to come up with a solution , they are dragging their heals to take every penny they can from you , clearly went to the same school as Philip Green .|
|"Who are the directors working for now ?"
Circle Link S.ar.l, a subsidiary of Kuwait based KGL Investment Company
Until Tuesday 15th Nov.|
|Egypt Owes $1.3b to Shell
The Egyptian Ministry of Petroleum currently owes Royal Dutch Shell $1.3b, up from $1.1b in July. These amounts are owed against the ministry’s purchases of Shell’s production from Rasheed Concession and British Gas (BG)’s Burullus concession which Shell recently obtained, reported Al Borsa.
In June, the Egyptian ministry defaulted on $400m owed to Shell due to the lack of foreign currency in the country. Accordingly, Shell decided to delayed phase 9B of Burullus until the Egyptian government cleared all outstanding financial balances.
It is noted that Egypt pays about $50m per month to purchase production from Rasheed and Burullus fields. However, actual payments are delayed due to USD shortages.
|And another bunch of dodgy Directors are seeing out their gravy train antics at the cost of aim investors .|
|Miracles can happen steel. We are both invested in a company whom may be looking to pick up distressed assets. Could this be a contender?|
|End of the road dwc, barring a miracle.|
|2016 INTERIM RESULTS - UNAUDITED
The current waiver expires on 30 September 2016. To date, IFC, as facility agent, has been unable to obtain authorisation from one of the B Lenders on a further waiver extension
In the event the suspension (share trading on AIM) is not lifted, the listing will be cancelled after six months as set out in the AIM rules.
|I guess EGPC are, for example, 6, 9 or 12 months, or whatever, behind on payments, but paying something in arrears, so the overdue receivables would be on a rolling basis rather than paying nothing at all. COP is in the unfortunate position of having debt in US$ which is in short supply in Egypt, so not able to accept arrears in Egyptian £s.|
|"I suspect EGPC have given some life support funds."
Would have required an RNS no?|
|Does anyone know if there is a limit to the duration of suspension of trading on the London AIM? Its been about 2 months now.
The other observation is in the 29th June preliminary results announcement the statement was made:
"the Company require additional funding during the course of July in order to be able to discharge its financial obligations from August 2016"
I suspect EGPC have given some life support funds.|
|The IMF deal is money circulating around.
IMF coordinates loans to Egypt, which the World Bank will be part of.
The loan is conditional on Egypt paying debts to Western Oil companies.
Egypt pays debt to Circle.
Circle pays IFC.
IFC gives money back to its parent company (World Bank)|
|You'd have trouble selling while they are suspended anyway Jlyttle.
Almost hope it just dies so I can get it off my portfolio screen so I don't have to look at it every day...|
|Crikey bad debts, shares suspended, now a bloody earth tremor! Malcy hasn't updated on this for a while now.|
|Morocco - temp reduction in gas production rate.
Circle Oil plc (AIM: COP) the international oil and gas exploration, development and production company, announces a temporary reduction in gas production rates in Morocco.
A recent earth movement near to the town of Kenitra in northern Morocco has resulted in the temporary closure of an Office National des Hydrocarbures et des Mines (ONHYM) owned and operated gas pipeline spur. This pipeline spur was used to transport some of the gas produced in the Sebou field which is owned by Circle Oil Maroc (who operate the field with a working interest of 75%) and ONHYM (with a working interest of 25%).
There were no injuries associated with the incident and the pipeline has been closed as a precaution while the situation is assessed and repairs are implemented.|