Drilling operations on the 53/6-A exploration well have commenced

The Stena "IceMAX" deep-water drillship is contracted to drill the 53/6-A well

13 July 2017

SOSINA Exploration Ltd. Is pleased to provide an operational update regarding Frontier Exploration Licence ("FEL") 2/14 located in the southern Porcupine Basin. FEL 2/14 is operated by Providence Resources plc (56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 30%) and SOSINA Exploration Limited (14%), collectively referred to as the "JV Partners". The licence contains the Paleocene "Druid", Lower Cretaceous "Drombeg" and pre-Cretaceous "Diablo" prospects.

The JV Partners have contracted the Stena "IceMAX" deep-water drillship to drill the 53/6-A well in FEL 2/14 to evaluate the vertically stacked Paleocene Druid and Lower Cretaceous Drombeg exploration prospects. Following consent from the Minister of Communications, Climate Action and Environment, Providence can confirm that drilling operations on the 53/6-A well programme have now commenced.

A further operational update will be provided once the Paleocene Druid prospect has been penetrated or as appropriate. Drilling is then planned to continue to the underlying Lower Cretaceous Drombeg prospect.