Middle East-focused explorers Circle Oil have secured a £62million debt facility through the World Bank to continue its push into North Africa.
The AIM-listed firm said it had secured a four-year reserve through IFC, a member of the World Bank Group, for the extra finance.
The debt, which will be secured against Circle’s oil-producing assets in Egypt and Morocco, has been set up as the company looks to refinance its investment and costs in those countries and Tunisia.
Chief executive Chris Green said the company had around £12.5million in cash, with the new debt facility boosting that significantly.
“Circle is delighted to announce the receipt of final stage board approval from IFC,” he said.
“Added to our existing reserves, this funding will give Circle the financial strength to exploit its portfolio of assets throughout the Middle East and North Africa. This enhanced financial position will also give us greater ability to acquire additional projects and licences.”