SOSINA offered to convert LO 11/11 Newgrange Prospect from a Licencing Option (LO) to a Frontier Exploration Licence (FEL)

23 April 2014

SOSINA Exploration Ltd. is pleased to provide an update on Licensing Option 11/11 ("Newgrange"). Providence Resources (80%, Operator) and SOSINA (20%) were awarded Newgrange as part of the 2011 Irish Atlantic Margin Licensing Round. The Newgrange area lies in c. 1,000 metre water depth in the Goban Spur Basin and is c. 260 km off the south west coast of Ireland.

Having made the mandatory 25% areal relinquishment, the Newgrange partners have been offered a follow-on Frontier Exploration Licence (FEL) 6/14 by the Minister of State at the Department of Communications, Energy and Natural Resources. The principal element of the forward work programme is the acquisition of a 1,000 km 2D seismic survey over the area and the survey planning has already commenced.

Subsurface studies carried out during the licence option period highlighted clastic and carbonate exploration prospectivity within the Jurassic and Cretaceous intervals respectively. Seismic interpretation of 2D reflection profile data have revealed the presence of two large stacked four-way structural closures at both Base Cenozoic (Top Cretaceous) and Base Cretaceous levels covering a c. 1000 km²  area. The previously drilled well No. 62/7-1, which is located c. 30 km from the Newgrange prospect and was drilled down-structure, encountered hydrocarbon shows in sands of Lower Jurassic age.