Cirrus: Production Remains Shut-In at MO7-A Field

Cirrus announced the following operational update regarding ongoing activities in our wholly owned subsidiary, Cirrus Energy Nederland B.V. ("Cirrus") in The Netherlands.

Production from the M07-A field in The Netherlands remains shut-in due to the previously reported gas processing problems at the third party operated L09-FF processing platform. The operator of the L09-FF platform has advised that the problem is caused by the hydrate inhibitor regeneration system on L09-FF and had determined that the installation's Certificate of Fitness was no longer valid. This part of the gas process system is used by three satellite production platforms, one of which is the M07-A facility.

The operator of the L09-FF processing platform has determined what repairs and modifications are required to be able to reinstate production from the satellite platforms and advised that the current best estimate for recommencement of production operations is the week starting November 8, 2010. This timing is being updated weekly by the operator of the L09-FF processing platform and further information will be released as it becomes available.

Cirrus is evaluating options to modify the M07-A production platform which will remove the dependence of M07-A production on the L09-FF hydrate inhibitor regeneration system. It is estimated that the earliest date when this may be achieved is during the first quarter of 2011 although a permanent solution may take longer to implement. Changes to the gas process system will also require revising commercial terms with the operator of the L09-FF processing platform which have yet to be agreed.

Cirrus expects gross production from the M07-A field of 30.5 MMscf/d (Cirrus net 13.0 MMscf/d) upon restart of the L09-FF processing platform.


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