7 August 2017 

SOSINA hereby provides 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 53/6-1 (pre-drill designation 53/6-A) well, which was spudded on 11 July 2017, is located in c. 2,233 metres of water and c. 220 kilometres off the south-west coast of Ireland. The well, which is being drilled by the Stena IceMAX drill ship, penetrated the Paleocene Druid prospect within the pre-drill depth prognosis having been safely drilled to section target depth. Preliminary petrophysical analysis of ?Logging While Drilling? (LWD) data indicates that the Druid prospect comprises a porous water-bearing reservoir. 

In accordance with pre-drill plan, operations will now proceed to assess the deeper Lower Cretaceous Drombeg exploration prospect exploration target, which is situated c. 1,000 metres beneath Druid. A further operational update will be provided once the Drombeg prospect has been penetrated or as appropriate.