Circle Oil reports an operating loss of US$0.9 million for the six months to the end of June compared with an operating profit of US$5.5 million a year ago.
Revenue for the period was US$14.1 million (H1 2015: US$22.3 million). Impairments and write-offs to assets as a result of preparation of accounts on a basis other than the going concern is US$148.4 million. The overall loss for the period was US$149.8 million.
Circle announced in March that it was to undertake a strategic review of the group's business and assets with options being considered including, a debt restructuring, a sale of one or more of the group's existing assets, a corporate transaction such as a merger with a third party, the sale of the entire issued, and to be issued, share capital of the group and the raising of capital in the form of a subscription for new ordinary shares in the Group.
On 29 June, the company provided an update to the market that it believed that no value will be attributable to Circle Oil plc equity holders.
At the company's request, tits shares were suspended from trading on AIM with immediate effect. This position remains unchanged.
In the event the suspension is not lifted, the listing will be cancelled after six months as set out in the AIM rules.
The company says it has received a number of offers from interested parties for different combinations of the Group's assets and corporate entities. Presently, the Company is in an advanced stage of negotiations with a shortlist of parties.