Rocksource Picks Up 5 New Licenses in APA 2010 Licensing Round

Rocksource announced the award of five new licenses in the APA 2010 Licensing Round on the Norwegian Continental Shelf announced by the Ministry of Petroleum and Energy.

PL 506 BS and PL 506 CS
Rocksource was awarded operatorship and 50 percent ownership in PL 506 BS and PL 506 CS located in the Stord Basin. PL 506 CS is a downward extension of PL 506 S from base Tertiary to Base Cretaceous in block 26/5 and 26/8. PL 506 BS is a northward extension of PL 506 S, including block 26/2 down to the Base Cretaceous.

For both the licenses the work program follows the work program in PL 506 S, and a drill or drop decision has to be made within the next year. The license group consists of: Rocksource (operator, 50 percent), FrontX (30 percent) and Petoro (20 percent).

  • PL 572 S (Aragorn)
    • Rocksource was awarded 45 percent ownership in PL 572 S located in the Stord Basin. The license is located in block 31/11 and 26/2, and contains the stratigraphy below the Base Cretaceous.
    • The license group consists of: E.ON Ruhrgas (operator, 55 percent) and Rocksource (45 percent).
    • Phase one of the work program consists of G&G studies. A decision to acquire 3D seismic or drop has to be taken within the next year.
  • PL 581 (Leon)
    • Rocksource was awarded 30 percent ownership in PL 581 located immediately north of the Peon Discovery. The license is mainly located within block 6203/8 and 6203/11, but extends into the blocks 6203/7, 9, 10 and 12.
    • The license group consists of: Dana Petroleum (operator, 70 percent) and Rocksource (30 percent).
    • Phase one of the work program consists of G&G studies and acquisition of EM data. A decision to acquire 3D seismic or drop has to be taken within the next year.
  • PL 588 (Dvergen)
    • Rocksource was awarded operatorship and 40 percent ownership in PL 588 located immediately northeast of the Draugen Field in block 6407/9.
    • The license group consists of: Rocksource (operator, 40 percent), VNG (30 percent) and Concedo (30 percent). Phase one of the work program consists of G&G studies. A drill or drop decision has to be made within the next year.

These awards contribute long term opportunities to the Rocksource exploration portfolio. The company has an exploration portfolio with in excess of 1 billion barrels of net risked resource potential. During 2011 Rocksource has a drilling schedule including five wells which will test 200 million barrels of net risked resource potential. The awards from the APA 2010 licensing round adds further to the Rocksource portfolio with work programs designed for the rapid maturation of prospects in preparations for drill decisions.

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