Limerick-based exploration company Circle Oil has raised £33m through a placing of new shares, with new investors including a Libyan government investment company.
Libya Oil Holdings invested £19m, giving it an almost 30% stake in the company, while Icelandic bank Kaupthing invested £10m for 15.6%.
The funds raised will be used to cover the cost of Circle's exploration programme in Morocco, Tunisia and Egypt. It plans to drill up to 15 wells between now and the end of 2009. Circle is listed on London's AIM market.
