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.
