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Circle Oil's interest payments deferred again

International Finance Corporation, a member of the World Bank Group and other syndicate members have agreed to re-instate the waiver

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The IFC and a syndicate member have also agreed to provide additional stand-by funding to finance the strategic review to its conclusion

Egypt-focused Circle Oil Plc (LON:COP) has had its debt repayment waiver reinstated and payments under its loan facility have now been deferred to January 26, 2017.

International Finance Corporation, a member of the World Bank Group and other syndicate members have agreed to re-instate the waiver until that date next year.

The firm remains under significant financial pressure and the IFC and a syndicate member have also agreed to provide additional stand-by funding to finance the strategic review to its conclusion, the oiler revealed.

Shares in Circle were suspended on AIM on June 29 this year and if this suspension is not lifted by December 30 (Friday), the company expects its listing on AIM to be cancelled.

Quick facts: Circle Oil

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AIM:COP
Market: AIM
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