21 October 2011
The announcement was made on Monday 17 October 2011 by the Minister for Communications, Energy and Natural Resources, Mr Pat Rabbitte, TD at the Atlantic Ireland Conference in Dublin
These Licensing Options have an initial two year term after which they may be converted into Frontier Exploration Licences, which have a 15 year term. SOSINA Exploration Limited's partners in the new acreage include both existing co-venturers, such as Chrysaor E&P Ireland Ltd ("Chrysaor") and Providence Resources P.l.c. ("Providence"), as well as Repsol Exploration Irlanda S A ("Repsol") as new entrant. Providence will operate the licensing options in all three areas which cover c. 4,700 sq km and range in water depth from c. 300 m to 2,500 m.
Details of the Licensing options are as follows:
Licence Option No. | 11/11 | 11/9 | 11/2 |
Basin | Goban Spur | South Porcupine | Main Porcupine |
Licence Name | Newgrange | Drombeg | Spanish Point South |
No. of Blocks/Part Blocks | 8 | 6 | 6 |
Partners (Equity %) | Providence (40 %) Repsol (40 %) SOSINA (20 %) | Providence (80 %) SOSINA (20 %) | Providence (32 %) Chrysaor (58 %) SOSINA (10 %) |
Operator | Providence | Providence | Providence |
SOSINA concession map showing the recently awarded 2011 licences. |
Contacts: | ||
Dr. David J. Davies Managing Director, CEO SOSINA Exploration Ltd 1 Berry St Aberdeen AB25 1HF Tel: +44 01224 845472 | Mr. John Ødegaard, Chairman of the Board Tel: +45 35 31 10 03 Mobile: +45 27 26 00 03 |
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.