Cirrus announced the following operational update regarding ongoing development activities in our wholly owned subsidiary, Cirrus Energy Nederland B.V. in The Netherlands.
M7-A Project (Cirrus 42.75%, operator)
The M7-A platform has been successfully installed by the vessel Stanislav Udin operated by Seaway Heavy Lifting. The Noble Lynda Bossler drilling rig is anticipated to return on contract to Cirrus in early July and will drill the M7-A01 development well from the M7-A platform. This well has a prognosed drilling duration of 50 days. First gas from the M7-A field remains on target for early in the fourth quarter of 2009.
L8-D Project(Cirrus 25.5%, operator)
Good progress continues with the acquisition of the L11b-A platform and L11b license by the L8-D Unit partners which is expected to be completed during August 2009. First gas from the L8-D field remains on target for the fourth quarter of 2009, following tie-in of the existing L11b-A06 well.
Following completion of the M7-A01 development well, the Noble Lynda Bossler drilling rig is planned to be moved to the L11b-A platform to drill the deviated L11b-A07 appraisal/development well which is expected to be completed during November 2009. The rig will be subsequently released without further drilling commitments. Assuming success, the L11b-A07 well is expected to start production in January 2010.
Cirrus President and CEO David Taylor comments, "Cirrus remains on track to commence production from both the M7-A and L8-D fields during the fourth quarter of 2009 which will mark a significant milestone in the company's growth. Furthermore, with the indexation of Dutch gas prices to oil, the recent strength in oil prices will translate into higher gas prices later in 2009 with a commensurate positive impact on Cirrus's future revenues."
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