Irish oil and gas exploration and production company Providence Resources has agreed an option with Sosina Exploration, under which Sosina will acquire up to a further 50% equity interest in the Hook Head oil discovery offshore Ireland.
The Hook Head oil accumulation is located in Standard Exploration License 2/07 and is situated in the North Celtic Sea Basin in approximately 80m water depth.
Sosina will fund and carry out several 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 if it elects to fully fund and drill an appraisal well on Hook Head by the end of 2011.
Under such a circumstance, Sosina will hold a 59.17% interest in the field while Providence Resources and Atlantic Petroleum will hold 32.59% and 8.24%, respectively.