Cirrus Energy has entered into a definitive asset sale agreement to sell its 49% non-operated interests in the operatorship agreements relating to the Coora Field in the Republic of Trinidad and Tobago to Touchstone Exploration.

Closing of the transaction is expected within three months and is subject to the satisfaction of a number of conditions precedent including approval by the Petroleum Company of Trinidad & Tobago.

The gross proceeds from the sale will be $3.5m cash subject to normal closing adjustments and costs.

Cirrus president David Taylor said that this strategic disposition of non-core assets supports the company’s current focus on North Sea opportunities and provides additional financial flexibility to further develop assets within its expanding North Sea portfolio.