The paleocene Druid reservoir interval was encountered within the pre-drill depth prognosis
Preliminary interpretation, however, indicates Druid to comprise a porous water bearing reservoir interval.
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.
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.