Circle Oil Share Discussion Threads

[marunam2] 05/2/2016 10:38

Either money has come from Egypt, material news, or a deal has been done and a few in the know are piling in.
Happy its going up though.

[steelwatch] 05/2/2016 09:46

On a roll at the moment !

[flyingbull] 01/2/2016 18:03

The February oil stock challenge is still on....deadline for entries is midnight on Tuesday.

[steelwatch] 28/1/2016 16:56

ifthe - will take a few more like that to set my nose off, LOL

[ifthecapfits] 28/1/2016 16:54

Oh er. Nose bleed territory.

[gerry hatrick] 23/1/2016 13:00

Interesting read, albeit from 'This is Money/Daily Mail', maybe ,just maybe, Mitch and Co have something in the pipeline (no pun intended).

SMALL CAP MOVERS: Special situations remain only real triggers for stoic investors still holding oil stocks

[greatfull dead] 21/1/2016 15:01

Steel,
OFF T.

No it is not a good situation to be in Amigo.

Got the phone call and will be seeing a consultant for the first illness I have. I feel more reassured now as both departments know everything they need to know. Also that timing is probably crucial.

ATB,
GD

On Topic.
Very interesting article Steel. I think some good will come out of it....

[greatfull dead] 21/1/2016 10:32

Steel,

I feel COP will get their money, its just a question of when!

ATB,
GD

[steelwatch] 21/1/2016 10:14

Egypt’s Oil Sector to Get $200m Loan from World Bank

Wednesday, 13th January 2016

The World Bank will grant the Egyptian Ministry of Petroleum a $200m loan. The amount is part of a $1b loan agreement recently signed by both parties, part of which is earmarked to pay dues to foreign oil companies, an official at the Egyptian General Petroleum Corporation (EGPC) told Al Mal.

The source stated that the entire $200m will be directed to pay dues, noting that BG’s arrears are the largest, amounting to $1.2b. A significant portion of Egypt’s total debt to foreign oil companies of $3b.

Efforts are being directed to reduce BG’s debt through several methods, one of which is granting the company larger portion of its production of crude oil.

Egypt’s last payment of dues was in September 2015, where Tarek El Molla, Minister of Petroleum confirmed payment of $600m of Egypt’s debt reducing it to $2.9b, from $3.5b, according to Daily News Egypt.

[gerry hatrick] 20/1/2016 14:10

Yep Hmmm...... is this a case of the emperor's new clothes ?

[gerry hatrick] 19/1/2016 14:25

To be honest the whole statement confused me.
What is production in this context ? Why not revenue or Net Profit ?
Am I thick or what ?

[steelwatch] 19/1/2016 13:26

Gerry - I took 'net' to mean 'after taking debt into account' (as in the context of gross profit v net profit), but stand to be corrected.

[gerry hatrick] 19/1/2016 12:40

'net of balance sheet effects' - does that mean ignore debt of $64m !!

[tyler durden1] 19/1/2016 12:21

Sorry old state of affairs here. Wish you all best of luck

[steelwatch] 19/1/2016 11:28

ifthe - if SPA's assumption comes into being, at current prices let's hope for an all paper offer from a stronger listed company to keep us in the game.

[ifthecapfits] 19/1/2016 11:23

But at what price?

[steelwatch] 19/1/2016 10:57

o Circle Oil: With production net of balance sheet effects accounting for a significant proportion 100% of the current market worth, we believe that the Company is an acquisition target.

[marunam2] 19/1/2016 10:05

For this year I hope.

[marunam2] 19/1/2016 10:04

If the EGPC pay a large chunk , 33% of dues then that o would reduce our problems massively.

[coxsmn] 18/1/2016 18:52

With the further deterioration of oil price, I expect the valuation of Circles assets will be lower and the "moderate" shortfall larger. If they can find a buyer then a sale of some assets might be the best solution to plug the shortfall and provide extra working capital until oil price increases. Stuck between a rock and a hard place, share price too low to raise much cash without wiping out shareholders and probably not the best time/nice option to have to sell some assets on the cheap. The other options might be a merger or sale. I'm sure Mitch is pursuing all options.

[steelwatch] 18/1/2016 11:24

Gerry - we are all kept guessing until any solution, or combination of solutions, is revealed.

[gerry hatrick] 18/1/2016 11:05

Are we talking 'fundraising' from existing shareholders ?
If so, I restate my question what about Libya and Kaupthing ?