DUBLIN-BASED oil and gas exploration group Circle Oil lost $2.15 million (€1.4 million) before tax during the six month period to the end of June, the company said this morning.
The loss, which was almost double the $1.2 million loss over the same period in 2007, was mainly due to net financing costs associated with the $30 million convertible loan drawn down in July last year, the company said.
Circle said it had a "very aggressive and extensive exploration programme planned" and intends to drill 15 wells over the next two years.
The company also said it had concluded a £33 million equity funding, with the principal subscribers being Libya Oil Holdings Limited, a subsidiary of Libya Africa Investment Portfolio, and Kaupthing Bank from Iceland. LOH now hold a 29.6 per cent interest in Circle and Kaupthing 15.6 per cent.
Circle had a cash balance of $12.25 million at the end of June, excluding the proceeds from the equity funding.
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