Sosina set to take command at Hook Head

Sosina Exploration has negotiated an option to acquire further equity of up to 50% in the Hook Head oil discovery off southern Ireland.

Offshore staff

DUBLIN, Ireland -- Sosina Exploration has negotiated an option to acquire further equity of up to 50% in the Hook Head oil discovery off southern Ireland. In exchange, the company will drill an appraisal well during 2011.

The current partners are operator Providence Resources and Atlantic Petroleum.

Hook Head is in Standard Exploration License 2/07 in the North Celtic Sea basin, 65 km (40.4 mi) offshore and in 80 m (262 ft) water depth.

In connection with this agreement, Sosina will fund and perform various studies concerning the feasibility of appraisal drilling and development of the field. It will earn the right to operate if it decides to drill a well by end-2011.

The farm-out is subject to approval from Ireland’s government.

10/04/2010

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