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Circle Oil warns there could be ‘little or no value’ left for shareholders

Published: 03:19 20 May 2016 EDT

investor, head in hands
Meanwhile, the strategic review continues.

Circle Oil Plc (LON:COP) updated on its ongoing strategic review and has warned there could be little or no value left for shareholders.

The warning comes after the company, which has interests in oil production in Egypt, received a number of indicative proposals which are now being evaluated. It noted that the group’s debt amounts to US$77.5mln.

The strategic review was previously launched with a view to considering options such as debt restructuring, asset sales, mergers and the possibility of a new capital raising.

“The management continue to consider all options to maximise value for shareholders and stakeholders,” Circle said in a statement.

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