Middle East Economic Survey

VOL. LIII

No 32

9-Aug-2010

REGIONAL

Circle Oil Makes $65Mn Ordinary Share Placing

Circle Oil is to make an ordinary share placing hoping to raise 40.6mn ($61.5mn) that will partly be used to fund new capital expenditure on its concessions in Morocco and Egypt, the company announced on 3 August. The latter is placing 141,666,667 ordinary shares at a price of 0.30/share a discount of 6.25% to raise gross proceeds of 42.5mn ($65mn). With these fresh funds, Circle can...