Circle raises funds for Africa, Omani work

Government owned Libya Oil Holdings has acquired 29.66% and Kaputhing Bank of Iceland acquired 15.61% interest in Circle Oil, raising a total of $58.4 million for the London exploration outfit.

By OGJ editors
HOUSTON, Sept. 5 -- Government owned Libya Oil Holdings Ltd. has acquired 29.66% and Kaputhing Bank HF of Iceland acquired 15.61% interest in Circle Oil PLC, raising a total of $58.4 million for the London exploration outfit.

Circle said it agreed with work with Libya Oil Holdings on projects in Circle's present areas of interest.

Circle will use the funds for its exploration program in Morocco, Tunisia, and Egypt, where it plans to drill as many as 15 wells by the end of 2009, and for a large 3D seismic survey on Block 49 in Oman.

Circle and its partners have three drilling rigs under contract for the planned drilling program.

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