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.
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.