Cirrus Energy Nederland closed an agreement with Wintershall Noordzee to acquire its operated interests in the L8-D Field which comprise 40% and 25 % in the L8a and L8b licenses, respectively. The consideration for the acquisition takes the form of an overriding royalty payable out of future production revenues from the field and the drilling of one appraisal well.
The L8-D Field was discovered by well L8-16x drilled in 2004. The well was drill stem tested at rates up to 430,000 Nm3/day (16.1 MMscf/day) of gas from a Rotliegend sandstone reservoir at a depth of around 3850 meters. Water depth at the location is 30 m.
Further appraisal of the discovery is required in order to establish the extent of the field and whether development is commercially viable.
Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary and currently has 47.5 million fully diluted common shares outstanding.
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