24 October 2017
TOTAL will take a 50% working interest and Operartorship
SOSINA Exploration Ltd. is hereby pleased to confirm that the agreed farm-in by TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned subsidiary of TOTAL S.A. is now completed. This follows approval of the Minister of State at the Department of Communications, Climate Action and Environment to the transfer of 50% equity and Operatorship of LO 16/27 (Avalon) to TOTAL.
In June 2017, SOSINA announced that Providence and SOSINA Exploration Limited had signed a Farm-in Agreement ("FIA") with TOTAL whereby TOTAL will take a 50% working interest and Operatorship in LO 16/27, subject to Ministerial approval. Under the terms of the FIA, TOTAL:
With the farm-in now completed, the revised equity in LO 16/27 is TOTAL (Operator - 50%), Providence (40%) and SOSINA (10%).
CLICK to enlarge the
Avalon is located in the Porcupine Basin. Click to read the licence description.
Mr. John Ødegaard,
Chairman of the Board
Mobile: +45 27 26 00 03
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.