Cirrus Energy Wins Exploration License Offshore the Netherlands

Block Q14
(Click to Enlarge)
Cirrus Energy applied for an exploration license for offshore block Q14 in September 2005. Following closing of the statutory publication period for the application, no competing bids were received by the Ministry of Economic Affairs and award of the exploration license is expected around mid 2006.

Block Q14 contains a large, lower risk, exploration prospect mapped on good quality 3D seismic data. Based on Cirrus' evaluation, most likely gross recoverable resource potential is estimated as 140 bcf with some 120 bcf within the block. In the event of state participation, Cirrus' working interest would reduce to 60%. Currently, Cirrus is operator and holds a 100% stake in block Q14.

This new exploration license increases Cirrus' expanding inventory of high impact exploration prospects within its Dutch portfolio.

Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary.

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