1st June 2007
SOSINA and Elixir (operator) welcome RWE into the licence and look forward to drilling our high potential Leopard prospect. The results of the most recent technical work on Leopard have been extremely positive. This gives SOSINA and Elixir added confidence of attracting another farminee and proceeding with detailed planning of the exploration well
The farmout agreement for UKCS Block 211/18b has been finalised and signed.
Block 211/18b (Licence P1381) is a traditional licence awarded in the 23rd UKCS
Licensing Round in December 2005. The current interest holders in P1381 are Elixir (80%) and its joint venture partner, SOSINA Exploration Ltd ("SOSINA") (20%).
In February 2007, Elixir and SOSINA accepted an offer from RWE Dea UK SNS Limited ("RWE") to secure a 30% interest in Block 211/18b by contributing on a promoted basis to the cost of drilling an exploration well on the Leopard prospect within the block.
Following RWE's farmin the interest holders in the licence will be:
| Elixir | 56% |
| RWE | 30% |
| SOSINA | 14% |
The farmout is conditional upon the consent of the Secretary of State for Trade and Industry to the licence interest assignment. The P1381 joint venture is actively seeking to attract another farminee such that both Elixir's and SOSINA's cost exposures to the planned Leopard well are largely covered.
Leopard is a large Upper Jurassic stratigraphic prospect which, based on Elixir's mapping, could contain prospective hydrocarbon resources up to several hundred million barrels of oil. The prospect has been mapped from modern 3D seismic. In addition it has been de-risked by a long offset seismic line linking Leopard with a producing analog, the Borg oil field, located across the median line in Norway.
Background on RWE Dea
The RWE group is one of the leading utility sector businesses worldwide. RWE's
activities primarily involve the production and sale of electricity, natural gas and oil
in markets including Germany, Central and Eastern Europe and Great Britain.
RWE ranks as one of Europe's largest industrial corporations with annual net sales exceeding ?42 billion.
RWE Dea is responsible for RWE's E&P upstream business. It has oil and gas
interests in the UK North Sea, Norway, Denmark, Germany, Poland, Egypt, Libya, Algeria, Dubai and Malta.
Contacts
David J. Davies Managing Director SOSINA Exploration Ltd Mob: +44 (0)7703 293 649 | Golden Cross House 8 Duncannon Str London WC2N 4JF Tel: +44 (0)207484 5071 Fax +44 (0)20 7884 5100
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Map
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Leopard |
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About SOSINA
SOSINA Exploration Ltd. is an independent oil and gas exploration company. The Company was founded in 2004, but with roots back as a sister company to the company Odegaard Ltd. acquired in 2006 by Schlumberger Inc.
SOSINA's active oil and gas portfolio includes offshore interests in Ireland and the UK. SOSINA's portfolio is balanced between appraisal and exploration assets. Comprehensive information on SOSINA and its oil and gas portfolio is available from SOSINA's website at www.sosina.co.uk.