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Senergy has been appointed as well management company for the 2017 Druid exploration well programme


31 August 2016

The revised Druid well cost estimate is USD 35 million


SOSINA today provides an update on Frontier Exploration Licence (?FEL?) 2/14, which lies in c. 2,250 metre water depth in the southern Porcupine Basin and is located c. 220 kilometres off the south west coast of Ireland. The licence is operated by Providence Resources P.l.c. (?Providence?) (80%) on behalf of Sosina Exploration Limited (?SOSINA?) (20%).  FEL 2/14 contains the Paleocene ?Druid? and the Lower Cretaceous ?Drombeg? exploration prospects.  An exploration well is currently being planned to drill the ?Druid? prospect in June 2017, subject to regulatory consents.


Appointment of Well Management Company
Following a recent public procurement process, Providence and SOSINA have appointed Senergy Wells Limited (?Senergy?), a wholly owned subsidiary of Lloyds Register (?LR?), to provide integrated well management  services for the upcoming planned 2017 Druid drilling programme. Under the terms of the contract, Senergy will provide management and well engineering services for the design and construction of the Druid deep-water well under the LR Global Management System - Well Project Delivery Process, reflecting the best of industry practice and standards to provide safe, effective and efficient well operations.


30% Reduction in Well Cost Estimate
Based on updated market rates and definition of the preliminary well basis of design obtained through the well management tender process, the latest gross (100%) well cost for the Druid exploration well is now estimated at
c. USD 35 million, with the final cost subject inter alia to the relevant service contracts being put in place and approved well design. This updated well cost estimate of USD 35 million compares to the previous estimate of USD 46 million, which was based off provisional internally generated estimates.


About Senergy and Lloyd?s Register
On 1 July 2016, the LR Senergy brand name was retired and integrated into the corporate brand of Lloyd?s Register. All services remain in place and all legal entities remain unchanged. Our combined capabilities mean Lloyd?s Register will continue to offer our clients unrivalled expertise, fresh and widely trusted insight and new investment opportunities. We have broadened our technical capability to help develop and manage oil and gas fields and support alternative energy projects and power generation assets. This means we can offer all our clients industry-leading advice, from the reservoir to the refinery and beyond; a uniquely comprehensive portfolio of services to the upstream sectors, from exploration to transportation and production; life-of-field services, from inception to decommissioning; and offer opportunities for consulting staff to work closely with industry leaders every step of the way.


LR is a market leader in all aspects of Well Project Management, well design, engineering, procurement, contracting, and operational management, with a proven and established track record of having successfully delivered multiple well projects for a wide variety of Clients. The Project Management of the planning and execution of well activities is core business to LR, which includes all drilling, completion, well testing, work-over, re-entry and well abandonment / suspension activities.


Lloyd's Register Group Limited is a technical and business services organization and a maritime classification society, wholly owned by the Lloyd?s Register Foundation, a UK charity dedicated to research and education in science and engineering. Founded in 1760, the Group is based in London and revenues in excess of GBP 1.0 billion.


About Druid
During the initial pre-FEL 2/14 authorization phase (Licensing Option 11/9 - 2011 through 2013), Providence and SOSINA identified two large vertically stacked Paleocene (?Druid?) and Lower Cretaceous (?Drombeg?) fan systems with notable Class II amplitude versus offset (?AVO?) anomalies primarily from 2D seismic data acquired in 2008. Providence and SOSINA subsequently agreed to underwrite a multi-client 3D seismic survey over the area.  This   3D survey was acquired by Polarcus in the summer of 2014 and subsequently processed by ION Geophysical in 2014/15.


In September 2015, the Company (Providence and SOSINA) entered into a Strategic Exploration Collaboration Project with Schlumberger. In April 2016, the Company published the main results of this Project relating to Druid:


  • Two fans located c. 1,750 m BML and structurally up-dip from a potential significant fluid escape feature  from the underlying pre-Cretaceous Diablo Ridge.
  • Cumulative in-place un-risked prospective resources of 3.180 BBO (PMean).
                   Fan 1 ? 984 MMBO (PMean).
                   Fan 2 ? 2,196 MMBO (PMean).
  • Pre-stack seismic inversion and regional rock physics analysis shows Druid is consistent with a highly porous (30%) and high net-gross, light oil-filled sandstone reservoir system up to 85 metres thick.
  • A depth conformant Class II AVO anomaly is present and synthetic forward modelling of an oil-water contact correlates with the observed seismic response.
  • Spectral decomposition, seismic compactional drape and mounding are reflective of a large sand-rich submarine fan system with no significant internal faulting and clear demonstration of an up-dip trap mechanism.
  • Geo-mechanical analysis using regional well and high resolution seismic velocity data indicates that Druid is normally pressured and the top seal is intact.



Mr. John Ødegaard,

Chairman of the Board

Mobile: +45 27 26 00 03






About Drombeg Druid


The Drombeg Druid prospect lies in c. 2,500 metre water depth and is c. 3,000 metres below the seabed. The prospect is located in the southern Porcupine Basin, c. 220 km off West Cork, being c. 60 km from the Eni-operated Dunquin exploration prospect which was drilled in mid-2013.


CLICK on the map and read the Drombeg Druid licence data. 

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