19 November 2013
ABT Oil and Gas will earn a 50% interest in the discoveries upon successful completion of a three-phased work programme
SOSINA is pleased to announce that it has agreed a phased farm in by ABT Oil & Gas ("ABTOG") into its' Helvick and Dunmore oil discoveries (collectively the "Discoveries"), located in SEL 2/07 in the North Celtic Sea Basin, offshore Ireland.
As operator of the licence Providence Resources has, on behalf of its joint venture partners, applied to the Minister of State at the Department of Communications, Energy and Natural Resources (the "Minister") to convert that part of SEL 2/07 which contains the Discoveries, into two separate Lease Undertakings. In the event the Lease Undertakings are granted by the Minister, ABTOG has agreed to farm into the Discoveries. The farm in would be subject to the approval of the Minister.
As part of the farm-in, ABTOG will assist the joint venture partners in the carrying out of a phased detailed work programme. The first phase of this work programme will be to determine whether the Discoveries can be developed commercially, through the use of ABTOG's innovative low cost development technologies.
If the joint venture partners determine that the Discoveries can be developed commercially, the second phase of the work programme will be carried out. This second phase involves the carrying out the necessary work required to prepare and submit, to the Minister, an outline plan of development and an application for a Petroleum Lease in respect of each Discovery.
Subject to the award of a Petroleum Lease by the Minister, the third phase of the work programme would be carried out. This third phase would entail the preparation and submission of a formal plan of development to the Minister. Subject to Ministerial approval of the plan of development, ABTOG will earn a 50% interest in the Discoveries.
ABTOG is a joint venture between Enegi Oil PLC ("Enegi"), an independent oil and gas company with an asset portfolio located in the UK North Sea, Newfoundland Canada and Jordan, and ABTechnology Ltd. ("ABT"), a company which holds proprietary interests in low cost development solutions. ABTOG has already made considerable progress taking the Fyne oil field in the North Sea towards FDP (Field Development Plan) by utilising its technologies and the development expertise of ABT's strategic partner, the Wood Group. SOSINA and its partners are looking forward to ABTOG applying this experience to the potential development of the Discoveries.
The Helvick and Dunmore discoveries are located at an approximately mutual distance of 45 km in the Celtic Sea. |
Contact: |
Mr. John Ødegaard, Chairman of the Board 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.