Circle Oil attracts Libyan sovereign wealth fund in new fundraising
Friday, September 05, 2008
Circle Oil has raised £33 million in a share placing that saw Libya Oil Holdings Ltd and Kaupthing Bank become significant new shareholders in the oil and gas exploration and development company.
As part of the deal Circle placed 173,684,211 new ordinary shares at a price of 19 each.
Libya Oil Holdings, a subsidiary of Libya Africa Investment Portfolio, invested £19 million - representing a 29.66% interest in Circle - and Kaupthing Bank invested £10 million - representing a 15.61% interest.
Circle and Libya Oil Holdings have further agreed to seek opportunities to work together on projects in Circle’s present areas of interest.
The funds will be used to cover the cost of Circle’s aggressive exploration programme in Morocco, Tunisia and Egypt. Circle plans to drill up to 15 wells between now and the end of 2009 and will also conduct a large 3D seismic study on Block 49 in Oman. Circle and its partners currently have three drilling rigs under contract to carry out the planned drilling programme.
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