Circle Group says payments from Egyptian government continue to be unpredictable

Egypt-focused Circle Oil obtained a measure of relief for its dire financial position after the World Bank’s International Finance Corporation agreed to extend a suspension on a possible tightening of the terms of one of the company’s lending facilities and any repayments due under the same.

However, in a statement issued to the market the AIM-listed oil and gas exploration company cautioned that US dollar payments from the Egyptian government continued to be “ unpredictable and to date there has not been a sustained improvement.”

The company said a further update on its financial position and Strategic Review would be forthcoming in its next annual results due before 30 June.

As of 11:09 BST shares in the firm were 11.11% lower to 0.60p.