DUNQUIN - Frontier Exploration Licence FEL 03/04                                                                               
Porcupine Basin, Offshore Ireland,
Blocks 44/18, 23, 24, 29, 30
Dunquin North: P50 - 4 TSCF & 156 MMBL REC; P10 - 8.6 TSCF & 322 MMBL REC
Dunquin South: P50 - 4.4 TSCF & 160 MMBL REC; P10 - 9.5 TSCF & 340 MMBL REC
Operator: ExxonMobil: (80%), Providence: (16%) Sosina: (4%)

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The FEL03/04 is for a 16-year term commencing November 15th 2004. The licence contains the deepwater Dunquin exploration prospect which is considered to be prospect for gas condensate. Seismic mapping over the area has suggested the presence of two significant carbonate plays and seismic inversion and modelling indicates the presence of porosity together with the possible presence of hydrocarbons. In addition, the presence of hydrocarbons has been supported by seismic data and from geochemical analysis of seabed gravity cores.