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SOSINA Exploration Ltd.

Repsol acquires 25% of the Dunquin Frontier Exploration Licence

21 September 2011

There are now three large exploration companies among the Dunquin partners

Repsol Exploracion Irlanda, S.A. (?Repsol?) will farm in to Frontier Exploration Licence 3/04 (?Dunquin?) by acquiring a 25% equity interest (12.5% from ExxonMobil Exploration and Production Ireland (Offshore) Limited (?ExxonMobil?) and 12.5% from Eni Ireland B.V. ("Eni")). Following completion of this transaction, which is subject to regulatory approval, the respective equity interests in the Dunquin licence will be as follows: ExxonMobil (Operator) 27.5%; Eni 27.5%; Repsol 25%; Providence 16% and Sosina 4%.

Contacts:  

Dr. David J. Davies

Managing Director, CEO

SOSINA Exploration Ltd

1 Berry St

Aberdeen AB25 1HF

Tel: +44 01224 845472
Mob: +44 7703 293 649

 

Mr. John Ødegaard,

Chairman of the Board

Tel: +45 35 31 10 03

Mobile: +45 27 26 00 03

REPSOL

Repsol Exploracion Irlanda, S.A. is a subsidiary of Repsol, a multinational energy company that is present in over 30 countries. With more than 36,000 employees, Repsol is one of the ten largest privately-owned oil companies in the world and the largest private energy company in Latin America in terms of assets. Repsol is the market-leader in refining and marketing in Spain and Argentina, the third-largest private LPG distributor in the world, and one of the world?s leading liquefied natural gas (LNG) marketers. Its oil and gas production is around a million barrels a day. It operates four chemicals plants and nine refineries in the world and handles over 50 million tons of crude oil that is transformed into a wide range of products, distributed through a sales network of about 7,000 service stations.

  
Dunquin (Frontier Exploration Licence 3/04)

The Dunquin licence covers 5 blocks (44/18, 44/23, 44/24, 44/29, 44/30) in the South Porcupine Basin, 200km off the South West coast of Ireland, where the water depth is over 1,500m. In August 2009, ExxonMobil, on behalf of the licence partners, notified the Irish Department of the Communications, Energy and Natural Resources that the licence partners had elected to enter the second phase of the licence. This second phase of the licence carries a firm well commitment within the Dunquin licence. Subsequently, in July 2010, a site survey was completed on the Dunquin North prospect to assess the site for the drilling of an exploration well. The precise schedule for this drilling has yet to be confirmed by the Dunquin license partners.

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.