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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."


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


Newgrange (Licence Option 11/11)

The Newgrange prospect is located in Licensing Option 11/11 in the Goban Spur, offshore south-west Ireland. The prospect comprises a large four way dip closed anticline which extends over a c. 1,000 sq kilometer area. Nearby well control suggests the potential for excellent carbonate reservoir development with the most recent volumetric analysis indicating a mean gas in place prospective resource potential of 14 TSCF.



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.

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