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Cirrus buyout by ONE
Posted 02.02.2011 15:37:31 av John Bradbury
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Offshore operations in the Dutch sector of the North Sea are set for a shake-up with a takeover of Canadian-based Cirrus Energy by Oranje Nassau Energie (ONE).

Privately-owned ONE is bidding to buy out Cirrus in an agreed deal which values Toronto-listed Cirrus at Can. $102 million

Already the Cirrus board has recommended the offer to shareholders, which is based on Can $1.15 per Cirrus share.

According to ONE the price is a 7% premium to the Cirrus closing share price on 31 January.

“Cirrus and its operating team, is an excellent fit with our existing portfolio of Dutch assets and is a first step in turning ONE into an operating company in its own right,” declared Alexander Berger, chief operating officer of ONE. “The acquisition also immediately enhances our production profile and adds attractive development opportunities, plus exploration upside to our developed asset base.”

He said the deal brings up to 7 million boe of reserves, which will help ONE realise is ambition to grow its reserves from 24 m boe at present to 80 m boe within five years.

Cirrus Energy assets offshore The Netherlands include a 42.75% operated interest in the M07-A field, 25.48% operated interest in L08-D; 47.50% operated in the M01-A field development; and a 24.00% non-operated interest in the A15-A field plus exploration interests.
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