Monday 23 July 2018

SOSINA Exploration Company provided an update on Frontier Exploration Licence (“FEL”) 6/14 that contains the Newgrange Prospect. FEL 6/14 is operated by Providence Resources P.l.c., on behalf of SOSINA, collectively referred to as the Newgrange Partners, and is situated in c. 1,000 m water depth being c. 260 km off the south-west coast of Ireland.

The Newgrange Partners confirmed that Gardline’s M/V Kommandor site survey vessel has commenced demobilisation following the acquisition of data suitable for input to an application for the permitting of a Newgrange exploration well. Initial analysis of the seabed data over the proposed Newgrange well location has confirmed the presence of more than 100 seabed pockmark features. There are a number of reasons why seabed pockmark features are present and these seabed pockmark features are interpreted by the Newgrange Partners to be the result of fluid seepage from the underlying geology. The Newgrange Partners can also confirm that discussions in relation to a potential farm-out of equity in the Newgrange licence to third parties are continuing.

The Newgrange Partners confirmed the safe and successful completion of Newgrange site survey operations. The initial results support the potential presence of a working petroleum system in the Newgrange prospect area. The Newgrange Partners are especially pleased with the results as we had hoped to see some evidence of fluid seepage given the shallow nature of the Newgrange prospect. We are also continuing to liaise with interested potential co-venture partners and these new data will no doubt provide further momentum to those discussions.