Repsol assumes operatorship of Newgrange
27 March 2012
Licencing Option 11/11 which contains the Newgrange Prospect was awarded to Providence, Repsol, and SOSINA in October 2011
The Newgrange Prospect is located c. 250 km off the south-west coast of Ireland in c. 1,000 metre water depth. The Option was awarded to Providence (40%), Repsol (40%) and Sosina (20%) as part of the 2011 Irish Atlantic Margin Licensing Round in October 2011.
The partners recently agreed for Repsol Exploracion Irlanda, S.A., a subsidiary of Repsol, to assume the role of Operator for the Option. This change of operatorship is in recognition of Repsol's extensive deepwater drilling expertise together with its recent significant successes in carbonate exploration elsewhere in the Atlantic Basins. The transfer of operatorship has been approved by the Irish government.
The two other Newgrange partners Providence Resources and SOSINA are both pleased to confirm that Repsol has taken over the role of Operator for this significant exploration opportunity. The Newgrange partners are already co-venturing on the nearby and potentially analogous Dunquin exploration prospect, which was recently confirmed for drilling in Q2 2013. The partners look forward to leveraging on Repsol's range of resources and capabilities in order to advance Newgrange to drill ready status."
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 |
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