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SOSINA Exploration Ltd.

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

 

 

 

  

 

About SOSINA

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.