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SOSINA farms in to Hook Head, Helvick, Ardmore, Dunmore, and Blackrock (Celtic Sea License 2/07 & 3/07)

13th August 2007

Farm-out Agreement with SOSINA and Delivery of Petrolia Rig for Hook Head Drilling

SOSINA Exploration Ltd. today announces that:

  • SOSINA has agreed a new farm-in agreement with Providence Resources Limited (operator) over Celtic Sea Standard Exploration Licences 2/07 (?Hook Head') & 3/07 (?Blackrock'). Subject to Irish governmental approval of this agreement, SOSINA Exploration Limited will hold a 5% stake in these licences. Providence's equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc at 15% with Challenger Minerals (Celtic Sea) Limited holding a 15% interest.
  • Providence and its partners have taken delivery of the Petrolia semi submersible drilling rig (the "Petrolia") from Island Oil and Gas Plc in anticipation of its upcoming appraisal drilling programme at the Hook Head prospect in the Celtic Sea. Under the terms of its rig share agreement with Island Oil and Gas Plc, Providence has secured the Petrolia for a 50 day drilling slot.

Notes to Editors about Hook Head
The Hook Head structure is a large mid-basinal anticline where two previous wells have successfully encountered hydrocarbon bearing sands. The original IRL50/11-1 discovery well, which was drilled by Marathon in 1971, logged c. 100 feet of hydrocarbons in five sandstone units of Lower Cretaceous age. The well was not flow-tested due to severe operational issues at the time. The subsequent IRL50/11-2 appraisal well, which was drilled by Marathon in 1975 was drilled as a delineation well at the down-dip edge of the structure.

Post-drill mapping by Marathon indicates that the crest of the structure is located to the north-east of the IRL50/11-1 discovery well, which is further supported by the seismic data acquired by Providence in 2006. This crestal location is some 2 km northeast of the IRL50/11-1 well and is thought to be c. 70 metres structurally higher than the original well. The most recent in-house volumetric estimates suggest that the Hook Head discovery could contain prospective resources of up to c.70 MMBO or 250 BSCFG REC.

Celtic Sea Licence Blocks

Licence No 2/07 refers to part blocks 49/22, 49/23, 48/29, 48/30, 49/26, 49/27, 49/28, 49/8, 49/9, 49/13, 49/14, 50/6,50/7 and 50/11 in the North Celtic Sea Basin. Licence No 3/07 refers to part blocks 48/29, 48/30 and 49/26

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

1 Berry St

Aberdeen

AB25 1HF

Tel: +44 1224 845464

Map

Celtic Sea

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