Cirrus announced that, through its wholly owned subsidiary Cirrus Energy (Trinidad) Ltd., it has entered into a definitive asset sale agreement to sell its 49% non-operated interests in the operatorship agreements relating to the Coora Field in the Republic of Trinidad and Tobago to Touchstone Exploration Inc.
The transaction will be effective as of closing which is expected within three months and is subject to the satisfaction of a number of conditions precedent including approval by the Petroleum Company of Trinidad & Tobago. The gross proceeds from the sale will be US $3.5 million cash subject to normal closing adjustments and costs. Booked Total Proved plus Probable reserves for these interests were gross working interest 2.4 million barrels, net after royalties 1.4 million barrels (as estimated by GLJ Petroleum Consultants Ltd. at August 31, 2009).
Cirrus' President, David Taylor, commented, "This strategic disposition of non-core assets supports Cirrus' current focus on North Sea opportunities and provides additional financial flexibility to further develop assets within the company's expanding North Sea portfolio."
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