Canadian company has acquired a 25.5 per cent stake in the L11b North Sea offshore natural gas licen

Wednesday, 05 August 2009

Cirrus Energy Corp. has acquired a 25.5 per cent stake in the L11b North Sea offshore natural gas licence and related infrastructure from Chevron Corp. (NYSE:CVX), the Calgary-based company said Tuesday, August 4, 2009.



The transaction includes an offshore platform and pipeline connection to the NGT trunk pipeline system. Cirrus will be the legal operator of both the L11b licence and future drilling and development activities, but production operations on the L11b-A platform will be managed by TAQA Energy B.V. on behalf of the L8-D Group partners.


Cirrus and TAQA have 25.5 per cent and 15 per cents interests, respectively, in the L8-D field area. The other partners are: DSM Energie BV (2.9 per cent), Energy06 Investments B.V. (1.3 per cent), EWE AG (13.4 per cent) and EBN (41.9 per cent). The L11b-A platform and pipeline will be used for the development of the L8-D field. Cirrus shares gained five cents to $2.55 on the TSX Venture Exchange.

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