7 April 2017 

SOSINA today provides an update regarding Frontier Exploration Licence (FEL) 3/04 located in the southern Porcupine Basin. FEL 3/04 is situated in c. 1,500 metre water depth and is c. 200 km off the south-west coast of Ireland. The licence is operated by Eni Ireland BV (36.913%) on behalf of its partners Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and SOSINA Exploration Limited (2.684%) (together, the ?JV Partners?).

 

The JV Partners have agreed to underwrite and licence 1,800 km2 of new multi-client 3D seismic data over FEL 3/04. Mobilisation of CGG Oceanic Caspian, which will conduct this data acquisition programme, is expected to commence imminently. The main objective of this new 3D seismic survey is to understand the hydrocarbon potential of the undrilled Lower Cretaceous Dunquin South carbonate exploration prospect.

 

In addition, it is hoped that these new data may shed further light on the 2013 ExxonMobil-operated 44/23-1 exploration well, that was drilled on the adjacent (c.20 km) Dunquin North carbonate prospect and which encountered a large residual oil column in a massive highly porous over-pressured carbonate reservoir system. A further objective for the new survey is to assess the nature and hydrocarbon potential of the c. 700 km2 Dunquin Ridge which underlies both Dunquin carbonate build-ups and which was not penetrated by the previous well.