Limerick-based Circle Oil has signed an agreement to amend and extend a convertible loan agreement, under which $30 million was due for redemption in mid-July.

The oil and gas exploration firm said it is to repay $10 million of the 2007 loan to Circle Link, a subsidiary of Kuwaiti-based KGL Investment Company, by July 19th.

The remaining $20 million will be repaid by July 2016 at a revised conversion price of £0.126 per ordinary share with a right to Circle to further extend the date until July 2018 and July 2019 on amended terms.

The original convertible loan agreement was signed in June 2007 and amended and restated in May 2012.