Kuwait's KGL Petroleum Invests Us$30 Million In Circle Oil

Source: www.gulfoilandgas.com 6/11/2007, Location: Middle East

Circle Oil plc is pleased to announce the signing of an unsecured Convertible Loan agreement in the sum of US$30 million with Kuwait-based, KGL Petroleum Company. The loan also has an attached option whereby the loan provider can subscribe for an additional 15 million shares in Circle Oil at a price of £0.50 per share exercisable during the first 3 years of the loan.

The signing of this agreement forms part of Circle’s three year funding strategy to cover its work programme including the development costs of commercial discoveries. The Company is committed to drilling a minimum of 9 wells on its Moroccan and Tunisian Licences up to the middle of 2009 together with all ancillary seismic and technical studies.

The Convertible Loan is for a period of 5 years, is convertible into ordinary shares of the Company at an exercise price of £0.25 per share and carries a 6% coupon. The contract was signed on 08 June 2007 by Circle Oil plc and a wholly owned Luxembourg registered subsidiary of KGL Petroleum.


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