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TOTAL exercises option to farm-in to 35% of Druid/Drombeg/Diablo 

 

3 January 2018

 

SOSINA is pleased to inform that TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned subsidiary of TOTAL S.A., has selected to exercise its option to farm-in for a 35% interest and operatorship in FEL 2/14. This leaves SOSINA with a 7% interest in FEL 2/14. The farm-in and the operatorship is subject to the approval of the Minister of State at the Department of Communications, Climate Action and Environment.


The other partners after the farm-in are Providence Resources (28%) and the subsidiary of Cairn Energy Capricorn (30%). In June 2017, TOTAL paid SOSINA 4.05 MUSD for the option to farm-in and to elect to farm-in TOTAL will pay SOSINA additional 1.35 MUSD. This totals an amount of 5.40 MUSD.


Drilling in the summer of 2017 of the well 53/6-1 struck water-bearing reservoirs in both the Drombeg and the Druid prospects. Well data is, however, still being analysed to determine possible further prospectivity in the licence, including the underlying pre-Cretaceous Diablo prospect.

 

Contact:

Mr. John Ødegaard,

Chairman of the Board

Mobile: +45 27 26 00 03

 

 

 

  

 


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