Cirrus Energy Expands Dutch Portfolio
Cirrus Energy's subsidiary, Cirrus Energy Nederland B.V., has been awarded the M1a Production License effective June 28, 2007 for a term of 15 years. The production license allows for participation in the M1-A field development by the Dutch State through EBN who is expected to participate with a 50% working interest.
Engineering design work for the M1-A field development is underway and formal project approval is anticipated in the near future.
Q10 Exploration License (Cirrus 100% and operator)
The Q10 exploration license has been awarded effective June 28, 2007 with an exploration term of four years. In the event of state participation, Cirrus' working interest would reduce to 60%.
The Q10 block covers 422 km2 with water depths in the range 18 to 25m and contains several prospective Triassic structural leads mapped on 3D seismic data. Initial work on the block is expected to include reprocessing of the 3D seismic data and remapping of the area. The block is contiguous to Cirrus' existing Q11 and Q14 exploration licenses and creates a core area for Cirrus in which to optimize a portfolio of exploration activities.
This new exploration license further expands Cirrus' inventory of high impact exploration prospects within its Dutch portfolio and is Cirrus' sixth operated license on the Dutch continental shelf.
Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary and currently has 47.5 million fully diluted common shares outstanding.