Oil and gas exploration firm Circle Oil has extended a $30 million financing arrangement for three years.

The loan with a subsidiary of Kuwait-based PetroLink Holding Company was due to mature on July 19th of this year. The deal sees that extended to 2015.

The loan is convertible into ordinary shares of the company and has a conversion price of 25p per share during the first year of the extension, 27.5p per share during the second year and 30p per share during the third year. It will also continue to carry a 6 per cent coupon.

PetroLink will also get options of about 5 per cent of the current issued share capital, exercisable for three years.