SOSINA, Providence, and ExxonMobil secure new Goban Spur acreage

1st November 2006

SOSINA Exploration Ltd., Providence Resources Ltd., and ExxonMobil Exploration and Production Ireland (Offshore) Limited awarded new offshore Ireland acreage comprising 15 blocks in the Goban Spur area

SOSINA Exploration Ltd. in conjunction with interest owners ExxonMobil and Providence Resourses, has been awarded 15 new blocks under a Licencing Option in the Goban Spur area, off the west coast of Ireland, by the Minister for Communications, Marine and Natural Resources. This follows a joint application made by the partnership in June 2006, under the open acreage provisions of the 1992 Licencing Act.

• The composition of the partnership is as follows:
• ExxonMobil Exploration & Production (Offshore) Ireland 80%
• Providence Resources Plc 16% (Operator)
• SOSINA Exploration Limited 4%

The Licensing Option extends over Blocks 61/17, 18, 19, 20, 22, 23, 24 & 25 & 62/21 over the Goban Graben and Blocks 61/14, 15, 62/11, 16, 17, & 22 over the Goban Spur Basin; and covers a total area of approximately 4,000 sq. km. The Licensing Option has a duration of 3 years, at which point an application can be made for a standard exploration license, which carries a well commitment. Located approximately 300 km offshore, the Licensing Option area is approximately 150 km due south of the Dunquin Prospect, which Providence operates as part of a partnership with ExxonMobil and SOSINA.

As part of the work programme, in support of the application for the Licensing Option, the partnership agreed to carry out a 500 km long offset 2-D seismic survey over the area, together with gravity and magnetic data acquisition.

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Goban Spur

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