transcription of text near swallowtail merlons?

[nablator]

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None of the available transliterations seem to have a locus for this label.
It was not visible in the 2004 scan, but I'm surprised that the ZL transliteration was not updated after the 2014 scan.

It should be (with two indistinct gallows): [o:c]f,air.o?,alc?hy

The entire circle below:
(ZL_ivtff_1r)
<fRos.35,@Cc> okas.epar.[ch:a]ir,u.oteoteedy.oto[s:r].otodar.ches.okodainol.ykedy.eedar.tchdaiin.sy.sarald.todar.chkar.odair.or.oal.okchdy.s[?:a]dy.otchdy.ykchdy.eeeky.o.aiin.okees.olar.or.ykeedy.okeo.lodaiin.or.olaiiin.ol[?:o]r
(V101 converted to nearest EVA) <rose.neast_ring>okos.epain.cher.u.oteoteedy.chtos.ytedar.ches.okodainol.ykedy.chdar.tchdoiin.sy.sarald.todar.chkar.odair.or.oal.okchdy.Shedy.oteedy.ykchda.cheky.o.aiin.okees.ol.ar.or.ykeedy.okeo.lodaiin.or.olaiiin.olor