6 May 2008
SOSINA Exploration Ltd. is pleased to announce that it has completed a financing round resulting in an increase of the company's equity. The total aggregate share subscription price approximates to 9.4 MGBP.
The investors are the current SOSINA major shareholder and a new private placement investor. The current SOSINA shareholder contributes with a mix of cash and conversion of existing debt. The contribution from the new investor is purely in cash.
Of the total amount 6.8 MGBP has been paid in early May 2008. Included in this payment is the transfer of 2.5 MGBP as conversion of debt. The remaining amount of 2.6 MGBP will be paid by the end of October 2008.
Commenting on the announcement Mr. John Ødegaard, Chairman of the Board, says:
"This investment is great news for SOSINA and its shareholders. It provides SOSINA with an improved financial strength, which will enable our company to continue its expansion. We are now in a much better position, where SOSINA can fulfil its obligations in the current projects that take place in the Celtic Sea and in the Porcupine Basin. Furthermore, the investment will also enable SOSINA to join future oil/gas exploration opportunities."
Contacts:
Mr. John Ødegaard, Chairman of the Board Tel: +45 35 31 10 02 Mobile: +45 27 26 00 03 |
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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.