An extension to 31 March 2019 of the Newgrange licence allows for additional exploration to be done

4 April 2018

Acquisition of high resolution 2D seismic data and a well site survey are planned to commence summer 2018

SOSINA is pleased to inform that Providence Resources (Operator) and SOSINA have been granted an extension to the term of the First Phase of the Newgrange licence (FEL 6/14) to 31 March 2019 by the Minister of State for Communications, Climate Action & Environment. This will allow for the acquisition of a new high resolution 2D seismic survey over the crest of the Newgrange prospect (subject to regulatory consent), which will provide data suitable for input to an application for the permitting of an offshore exploration well.

Furthermore, commercial discussions between the Newgrange partners with a number of third parties regarding a potential farm-out of equity in this low cost high potential exploration project are continuing.

The Newgrange licence is situated in c. 1,000 m water depth being c. 260 km off the south-west coast of Ireland. Since the primary Cretaceous reservoir target is just c. 500 metres below the seabed the Newgrange the well drilling duration is expected to be extremely short. Therefore Providence Resources is in discussions with other nearby operators as to potential synergies that the short duration of drilling the Newgrange well may share with other potential nearby future drilling operations.