APA 2008 AWARDS TO ROCKSOURCE

Rocksource ASA (Rocksource) is pleased to announce the awards of two new licenses in the APA 2008 Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on Thursday 18 November. Both licenses contain high potential prospects that can be de-risked with electromagnetic (CSEM) data. In both licenses Rocksource was awarded operatorship.


PL 506S, Blocks 26/5&8.

The license is located in the Stord Basin in the North Sea, east of the Jotun and Grane Fields. The license is stratigraphically divided and PL 506S comprises the stratigraphy above Top Cretaceous.

The license group consists of:
Rocksource (operator): 50%
Discover Petroleum: 30%
Petoro: 20%

The work programme consists of:
Year 1-3: Acquire 3D seismic over the prospective area and decide on drill or drop.
Year 4-5: Drill well and decide on development.
Year 6-7: Submit PDO.


PL 515, Blocks 6508/1&2

The license is located on the Nordland Ridge on the rim of the Helgeland Basin, east of the Norne Field. The license consists of parts of blocks 6508/1&2.

The license group consists of:
Rocksource (operator): 60%
Lotos Exploration and Production Norge: 20%
Skagen 44: 20%

The work programme consists of:
Year 1: Acquisition of electromagnetic data and infill of 2D seismic data.
Year 2-4: Acquire 3D seismic and make drill or drop decision.
Year 5-6: Drill well and decide on development.
Year 7: Submit PDO

Both licenses are regarded as exciting with high potential, located in areas that are suitable for de-risking with CSEM. The proposed work programmes are in line with our exploration strategy and provide the opportunity to test the presence of hydrocarbons with CSEM to reduce the exploration risk prior to making further exploration commitments, and hence, increase the exploration efficiency on the NCS.

The two operatorships further establish Rocksource as an operator on the NCS, and demonstrate that Rocksource’s exploration strategy is appreciated by the authorities in Norway.

Oslo, 19.12.2008
Rocksource ASA


Trygve Pedersen
CEO

+47 90 09 77 41