Spanish Point Well Site Survey Operations Commences
29 August 2012
The survey is being undertaken from the boat "Kommandor Stuart" and is expected to be finished in September
SOSINA Exploration Ltd is pleased to confirm that site survey operations have commenced on its Spanish Point acreage (FEL 2/04) in the Main Porcupine Basin, off the west coast of Ireland. The work is being carried out by Chrysaor (Ireland) Ltd (?Chrysaor') on behalf of the Spanish Point co-venturers and is part of preparations for the drilling of an appraisal well in 2013, subject to rig availability and regulatory consents.
Providence is currently the Operator of FEL 2/04, though recently agreed to transfer this role to Chrysaor. The Change in Operatorship is subject to Irish Ministerial approval. Under the terms of a 2008 farm-out agreement, Chrysaor elected to exercise its option to drill up to two appraisal wells on the Spanish Point discovery. In return for committing to such a significant work programme, Chrysaor's equity participation in FEL 2/04, and the adjacent FEL4/08, increased from 30% to 60%, with Providence and SOSINA retaining 32% and 8%, respectively.
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The site survey will take place at FEL 2/04 (light grey area). | Site survey vessel Kommandor Stuart. Photo: ©Hays Ship. |
| 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 Spanish Point The Spanish Point gas condensate discovery was made by Philips Petroleum in 1981 with the drilling of the 35/8-2 well. Oil and gas were discovered in Upper Jurassic Volgian sands with one zone flowing at c. 5 MMSCFD and c. 1000 BOPD (c. 1800 BOEPD). The discovery was not appraised due to lack of gas infrastructure and market in Ireland at the time. In 2004, Providence/Sosina licensed the discovery and following in depth subsurface and pre-development studies, Chrysaor farmed in during 2008 by agreeing to fund a c. 300 sq km 3D seismic survey which was acquired in 2009. Evaluation of these data has indicated a resource level of up to c. 510 MMBOE with c. 200 MMBOE recoverable. Peak production rates have been modelled at over 70,000 BOEPD and planning has commenced for an appraisal drilling programme.
Glossary of Terms Used
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