Shareholdings in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

 Circle Oil Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

x

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify)

3. Full name of person(s) subject to thenotification obligation: iii

Audley Capital Management Limited

Audley Capital Partners Limited

Kings Chapel International Limited

4. Full name of shareholder(s)  (if different from 3.):iv

 Audley European Opportunities

Master Fund Limited

Audley Recovery Opportunities

Master Fund Limited

Kings Chapel International Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

13/06/11

6. Date on which issuer notified:

14/06/11

7. Threshold(s) that is/are crossed orreached: vi, vii

7%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

IE00B034YN94

36,445,000

36,445,000

39,505,000

39,505,000

7.01%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

39,505,000

 7.01%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Audley Capital Management Limited is a subsidiary undertaking of Kings Chapel International

Limited and therefore the shares held by Audley Capital Management Limited are also deemed to

be held by Kings Chapel International Limited as it relates to the reportable interest.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Simon Thornton

15. Contact telephone number:

01481 745 001 (tel #); 01481 745 070 (fax #)