Qatar Petroleum seeks international projects in Cyprus, Morocco - GULF BUSINESS / REUTERS

Tuesday 07 February 2017

QP is merging two liquefied natural gas divisions, Qatargas and RasGas

State-owned energy giant Qatar Petroleum (QP) is exploring oil and gas in Morocco and Cyprus as it aims to expand its liquefied natural gas (LNG) assets abroad while trimming costs at home, chief executive Saad al-Kaabi said on Monday.

“You will see us going internationally with some of the partners we have in Qatar, this year and next year… We are in growth mode,” Kaabi told reporters at the company’s headquarters in Doha.

QP, the world’s largest LNG producer, has been pursuing deals in Cyprus where it “won a bid for 40 per cent of a plot for exploration” and recently “went into Morocco for exploration”, Kaabi said.

SDX Energy set to acquire Circle Oil’s Egypt and Morocco assets - PROACTIVE INVESTORS

12 Jan 2017, 07:24 

“Circle's assets present an attractive opportunity to add material production and reserves at an attractive price,” says SDX Energy boss Paul Welch.

SDX has 30 days of exclusivity to finalise a deal
SDX Energy Inc (LON:SDX, CVE:SDX) revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil.

A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.

Circle Oil’s AIM quoted shares were suspended in June amid financial turmoil and its investors were warned a number of times through the second half of 2016 that there would be ‘little or no value left’ for equityholders.

Circle gets respite from Egypt Woes - NATURAL GAS AFRICA

March 15th, 2016

Circle Oil, the London-based independent with modest North Africa oil and gas production, last month blamed its tight cash flow and financial pressure on the ongoing “uncertainty and irregularity of US dollar receipts" from state-owned Egyptian General Petroleum Corporation (EGPC).

On March 15, however, it had some positive news. Negotiations with the World Bank’s International Finance Corporation (IFC) on suspending a redetermination by December 2015 of its Reserve Based Lending had been postponed, said Circle, “until 15 April 2016, with any repayments required under the RBL facility, which is currently drawn to $57.5 million, being postponed until that date.”

IFC had further, said Circle, indicated its willingness to consider further waivers as may be required while the company’s strategic review, led by the UK bank Investec, continues. Options for that include sale of one or more assets, a merger, raising fresh capital, or an outright sale of Circle.