Cirrus Energy Nederland B.V., has closed an agreement with Petro-Canada Netherlands B.V. to acquire its 25% non-operated interest in that part of the L8-D Field that may potentially extend into the L8b license. The consideration for the acquisition takes the form of an overriding royalty payable out of future production revenues and the drilling of one appraisal well on the L8-D Field. With this acquisition, Cirrus now holds a 50% interest in that part of the L8-D Field that potentially extends into the L8b license.
The L8-D Field was discovered by well L8-16x drilled in 2004 in the L8a license. 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 around 3850 meters. Water depth at the location is 30 meters.
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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