Circle Oil Share Discussion Threads

[n13518] 24/10/2016 10:50

Where there is life, there is hope. Lots of money down the tube.

[gerry hatrick] 23/10/2016 12:51

Understatement Steel, COP is dead, we are just waiting for the funeral pyre :(

[steelwatch] 22/10/2016 21:29

...Chris Green fouled up here. Current BoD just trying to pull the fat out of the fire, but it doesn't look good.

[jotoha2] 22/10/2016 19:50

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 .

[deepwildcatter] 19/10/2016 12:58

"Who are the directors working for now ?"
Circle Link S.ar.l, a subsidiary of Kuwait based KGL Investment Company





Until Tuesday 15th Nov.

[steelwatch] 09/10/2016 17:10

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.

[jotoha2] 06/10/2016 21:18

And another bunch of dodgy Directors are seeing out their gravy train antics at the cost of aim investors .

[furtive_flatulator] 01/10/2016 07:21

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?

[steelwatch] 30/9/2016 22:06

End of the road dwc, barring a miracle.

[deepwildcatter] 30/9/2016 20:38

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.

[steelwatch] 07/9/2016 17:48

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.

[playthebull] 07/9/2016 17:35

"I suspect EGPC have given some life support funds."

Would have required an RNS no?

[deepwildcatter] 23/8/2016 19:08

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.

[deepwildcatter] 12/8/2016 15:12

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)

[playthebull] 12/8/2016 12:25

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...

[worrier] 08/8/2016 16:01

Crikey bad debts, shares suspended, now a bloody earth tremor! Malcy hasn't updated on this for a while now.

[lr2] 08/8/2016 10:32

Morocco - temp reduction in gas production rate.



Morocco Production

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.

[gerry hatrick] 07/8/2016 12:24

So we get a further stay of execution, with IFC bending overbackwards to keep us afloat.
The payments from EGPC still sporadic but are we making profits ?
The determination was due 31 Dec 2015 and here we are in Aug 2016 with oil hovering between $42 and $48, we must be making money if SDX claim they can be profitable at $22.
The major hit for asset impairment was taken into 2015, so surely the financial position must be reasonably sound - debt aside (Yes a big aside !)
Am I clutching at straws or is there the faintest of hope that Circle can work its way out of the debt problem ?

[deepwildcatter] 06/8/2016 22:33

He said they have no receivables, but it is sad that a CEO does not read his financial reports. The SDX Q1 2016 report says they have %5.7m ($3.5m more than 90 days).
What they have done is used it as a work guarantee on their exploration block (but it is still receivables):

Current receivables of US$4.9 million related to oil sales and production service fees which are due from EGPC
(December 31, 2015: US$5.0 million), a Government of Egypt controlled corporation. Receivables in respect of
oil sales and service fees are normally collected in one to two months following production. The Company
expects to collect outstanding receivables of US$1.0 million for NW Gemsa and US$0.9 million for Block – H
Meseda, in the normal course of operations; the remaining US$3.0 million being the pledged Shukheir Marine
receivables. The Shukheir Marine trade receivables of US$3.0 million relate to invoices withheld as a rolling
production guarantee for the work program of the South Disouq concession. Please see Note 6 for further
details.
The other receivables of US$0.8 million consist of US$0.2 million for accrued gas and liquids revenue yet to
be invoiced, US$0.3 million related to prepayments, US$0.1 million for Goods and Services Tax (“GST”)/ Value
Added Tax (“VAT”) and US$0.2 million for other items.

[steelwatch] 05/8/2016 16:33

Receivables?

[deepwildcatter] 05/8/2016 12:56

@steelwatch I watched it all the way, and yes SDX have a small amount of cash for investment in Egypt and North Africa. They also have no debt, so they could probably borrow some for an acquisition.
COP assets are a good fit (as I have said before) but the price SDX would pay would be very low. There are also many other distressed companies with similar assets for sale in Egypt.

We are due another financial update today ? (IFC extension expires today)