Eni has farmed into Dunquin
11 August 2009
Additionally SOSINA has farmed into the adjacent Eni operated FEL 1/99
SOSINA Exploration Ltd is pleased to announce that Eni has farmed into Frontier Exploration Licence 3/04 (?Dunquin').
Under the terms of the farm-in agreement, Eni will assume a 40% interest in the Dunquin Licence with ExxonMobil Exploration and Production Ireland (Offshore) Limited holding a 40% operated stake, whilst Providence and SOSINA will retain 16% and 4% equity positions, respectively.
Additionally, ExxonMobil Exploration and Production Ireland (Offshore) Limited, Providence and SOSINA have agreed to assume a cumulative 40% interest in the adjacent Eni operated Frontier Exploration Licence 1/99 (FEL 1/99), with the equity split 36%, 3.2% and 0.8%, respectively among the companies. FEL 1/99 covers a total of 6 offshore blocks (c. 1,500 sq kilometres).
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| The Eni prospect and the Dunquin prospect are situated close to each other. |
| Contacts: | ||
Dr. David J. Davies Managing Director, CEO Sosina Exploration Ltd 1 Berry St Aberdeen AB25 1HF Tel: +44 1224 845464 | Mr. John Ødegaard, Chairman of the Board Tel: +45 35 31 10 02 Mobile: +45 27 26 00 03
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About FEL 3/04
SOSINA holds a non-operated 4% interest in FEL 3/04 with its partners ExxonMobil Exploration and Production Ireland (Offshore) Limited (40%), Eni (40%) and Providence Resources (16%). Located in the Porcupine Basin off the west coast of Ireland, FEL 3/04 covers an area of 5 blocks. ExxonMobil Exploration and Production Ireland (Offshore) Limited is the Licence Operator.
About FEL 1/99
SOSINA holds a non-operated 0.8% interest in FEL 1/99 with its partners Eni (60%), ExxonMobil Exploration and Production Ireland (Offshore) Limited (36%) and Providence Resources (3.2%). Located in the Porcupine Basin off the west coast of Ireland, FEL 1/99 covers 6 offshore blocks. Eni is the Licence Operator.
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