Cirrus Expects Offshore Netherlands License in Third Quarter
Cirrus Energy, which applied for an exploration license for block Q11 offshore the Netherlands in November 2005, has learned that the Dutch Ministry of Economic Affairs receive no competing bids for the block. As a result, Cirrus expects to receive the license in the third quarter of this year.
Block Q11 contains a large, lower-risk, exploration prospect mapped on good-quality 3D seismic data. Based on Cirrus' internal evaluation, most likely, unrisked, gross recoverable resource potential is estimated as 100 bcf. In the event of state participation, Cirrus' working interest would reduce to 60%.
This new exploration license is the third new license application submitted by Cirrus to date and further increases Cirrus' expanding inventory of high impact exploration prospects within its Dutch portfolio.
Cirrus Energy Corp. is an international oil and gas company headquartered in Calgary and currently has 37.1 million fully diluted common shares outstanding.