Cirrus to Increase Stake in M7 License
Cirrus Energy Corp.
Cirrus Energy Corp. said that its wholly owned subsidiary, Cirrus Energy Nederland B.V., has entered into an agreement with Nederlandse Aardolie Maatschappij B.V. (NAM) whereby Cirrus will acquire NAM's 31.25% interest in the M7 license on the Netherlands continental shelf in consideration for a sliding scale royalty payable to NAM out of future production revenues. Cirrus is currently the operator of the M7 license with a 13.06% interest.
The interest to be acquired could be reduced by 5%, to 29.6875% if an option to participate in the acquisition, granted to a company affiliated with a Cirrus director, is exercised.
The transaction has an effective date of April 1, 2006, and is expected to close by September 30, 2006, subject to pre-emption rights and approvals by partners and the relevant government and regulatory authorities.
Cirrus Energy Corp. is an international oil and gas company headquartered in Calgary and currently has 43,267,333 common shares outstanding (45,832,333 fully diluted).
RELATED COMPANIES
Most Popular Articles
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call