ROCKSOURCE FINED NOK 150,000 RELATED TO LISTING PROCEDURES
9/7/2012 3:03 AM EST
Rocksource ASA ("Rocksource" or "the Company")
announces that it has been fined NOK 150,000 by the
The Norwegian National Authority for Investigation
and Prosecution of Economic and Environmental Crime
(Økokrim). Økokrim has concluded that whilst drilling
two exploration wells, "Kora" and "Phoenix", in 2011,
the Company did not produce an insider list fully
compliant with the regulations set out in the
Securities Trading Act ("STA"). The fine is solely
related to listing procedures.
Prior to entering the expected reservoir sections in
each of the two wells, Rocksource announced an
insider situation for all employees and certain key
consultants. All of these were included on an insider
list. However, this procedure is not deemed by
Økokrim as being compliant with the regulations. The
ruling concluded that too many people were included
on the list, and the specific time that each
individual was actually exposed to insider
information was not recorded.
Chris Spencer, CEO, commented; "It seems to us that
Rocksource has been fined for being too cautious in
its listing of insiders relating to two of the
Company's exploration wells in 2011. I am
disappointed by the ruling. We established our
procedures based on legal advice and thorough reviews
of existing rules and regulations. These procedures
were in line with what the Company understands is an
established industry practice among small E&P
companies. Nevertheless Rocksource has decided to
accept the fine as its limited resources are better
utilised on other activities. However, the ruling
leaves Rocksource, and other companies, in a position
where redefinition of the insider listing guidelines
is necessary. The Company has already taken the
initiative to seek this clarification, which it
believes is in the interest of all listed E&P
companies and the Norwegian regulatory bodies."
Oslo, 7.9.2012
Rocksource ASA
Per Anders Muri
VP Corporate Communications
+47 91 11 61 21