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SOSINA granted an option to acquire a larger interest in the Hook Head oil discovery

28 September 2010

SOSINA Exploration Ltd has agreed with its Celtic Sea partners Providence Resources and Atlantic Petroleum to fund and carry out a number of studies on potential appraisal drilling and development feasibility of the Hook Head discovery for an additional 10% interest.

Provided the results of these studies become sufficiently attractive, SOSINA has the right to acquire up to a further 40% equity interest in the Hook Head oil discovery in return for the drilling of an appraisal well in 2011. Furthermore, this also entitles SOSINA the right to operate should SOSINA fully fund and drill an appraisal well on Hook Head. The drilling operations would need to begin no later than the 31 December 2011.

Under such a circumstance, the revised equity interests in the field would be Sosina (59%), Providence (32%) and Atlantic (9%).The farm-out transaction is subject to Irish governmental approval.

Four wells have already been drilled at the Hook Head oil discovery SOSINA chairman John Ødegaard enjoys the smell of oil produced from the well drilled in 2008.


Dr. David J. Davies

Managing Director, CEO

Sosina Exploration Ltd

1 Berry St

Aberdeen AB25 1HF

Tel: +44 01224 845472
Mob: +44 (0)7703 293 649

Mr. John Ødegaard,

Chairman of the Board

Tel: +45 35 31 10 03

Mobile: +45 27 26 00 03

About the Hook Head oil discovery
The Hook Head oil discovery is located in the North Celtic Sea Basin in c. 80 metre water depth and is situated some c. 65 kilometers off the south coast of Ireland. Originally discovered by Marathon oil in 1971, four wells have been drilled to date on the structure all of which have either logged and/or tested hydrocarbons to surface. Analysis suggests that the oil appears to be a high pour point crude with a gravity of 27o API and wax content of 10-20%. The most recent in-house volumetric estimates suggest that this oil accumulation could contain an in place resource potential of up to c. 120 MMBO. Providence currently holds an operated 72.5% interest in Hook Head with partners Atlantic Petroleum (18.5%) and Sosina Exploration (9%).

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