Sosina farms into Hook Head oil discovery offshore Ireland

Source: Providence Resources

Providence Resources has agreed upon, along with its partner Atlantic Petroleum P/F, an option with Sosina Exploration Limited which provides Sosina with the right to acquire up to a further 50% equity interest in the Hook Head oil discovery in return for the drilling of an appraisal well in 2011.

The Hook Head oil accumulation is located in Standard Exploration License 2/07 and is situated some 65 kilometers offshore Ireland in the North Celtic Sea Basin in 80 meters of water.

Pursuant to the agreement, Sosina has agreed to fund and carry out a number of studies on potential appraisal drilling and development feasibility of the Hook Head discovery for a 10% interest and will acquire an additional 40% equity interest and the right to operate should it elect to fully fund and drill an appraisal well on Hook Head by the end of 2011.

Under such a circumstance, the revised equity interests in the field would be Sosina (59.17%), Providence (32.59%) and Atlantic (8.24%). The farm-out transaction is subject to Irish governmental approval.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs