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Cirrus: Farmout of Blocks Q11 & Q14

Netherlands

London - February 2008

Cirrus Energy Nederlands BV announces it has entered into an agreement with TAQA offshore BV whereby Cirrus will dispose of 50% of its interest in the Q11 & Q14 offshore exploration licences. Upon closing of the farmout, Cirrus' working interests, post EBN participation, will be 28.5% in block Q11 and 30% in block Q14. Cirrus will remain the operator of both blocks.

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Stellar acted as advisors to Cirrus Energy.