Rocksource Scoops Up Blocks Offshore Norway

Rocksource has been awarded 4 new licenses in the 21st Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on the April 15, 2011. All licenses contain high potential, low risk prospects that have been de-risked using Controlled Source Electromagnetic (CSEM) data, processed in the proprietary software system ‘Rocksource Discover’, prior to application. These awards mark another significant milestone in the Company’s development and add multiple, high value drillable prospects to the Rocksource prospect inventory.

PL 602. Blocks 6706/10 (part), 6706/11, 6706/12 (part)

This license is located on the Vema Dome in the Vøring Basin (Norwegian Sea), immediately west of the Luva, Haklang and Snefrid discoveries. Several prospects have been mapped and de-risked using 3D seismic data and CSEM. The prospects have potential targets at multiple reservoir levels.

  • The license group consists of:
    • Statoil (Op.): 40%
    • Petoro: 20%
    • Centrica: 20%
    • Rocksource: 20%
  • The work program consists of:
    • Year 1-3: Acquire new 2D seismic and reprocess 3D seismic. Decide on drill or drop.
    • Year 4-5: Drill exploration well.
    • Year 6: Decide on continuation or drop.

PL 528 B. Block 6707/10 (part)

This license is located in the Vøring Basin in the Norwegian Sea, directly northeast of the Luva, Haklang and Snefrid discoveries. The license is an extension to PL 528, and the new acreage is securing ownership of the full extent of the Ivory prospect which was awarded in the 20th Round.

  • The license group consists of:
    • Suncor Energy (Operator): 40%
    • Centrica: 30%
    • Rocksource: 30%

The work program follows PL 528, where a drill or drop decision must be taken within April 2012.

PL 601. Blocks 6609/3 and 6610/1

This license is located in the eastern part of the Træna Basin, in the Norwegian Sea. Several leads and prospects have been mapped and de-risked using 3D seismic data and CSEM.

  • The license group consists of:
    • Wintershall (Op): 40%
    • Edison International: 20%
    • North Energy: 20%
    • Rocksource: 20%
  • The work program consists of:
    • Year 1-3: G&G work, reprocessing of existing 3D seismic, acquisition of minimum 250 sq.km. new 3D seismic. Carry out G&G studies where evaluation and possible CSEM acquisition is included. Decide on drill or drop.
    • Year 4-5: Drill exploration well.
    • Year 6: Decide on continuation or drop.

PL 610. Blocks 7722/2 and 7722/3

This license is located at the eastern margin of the Loppa High, in the Barents Sea, immediately north of the Obesum discovery. The prospectivity has been mapped and de-risked using 2D seismic data and CSEM.

  • The license group consists of:
    • GDF Suez E&P (Op.): 50%%
    • Spring Energy: 25%
    • Rocksource: 25%
  • The work program consists of:
    • Year 1-3: Acquisition of new 3D seismic. Decide on drill or drop.
    • Year 4-5: Drill exploration well.
    • Year 6: Decide on continuation or drop.

Rocksource's COO Gregor Maxwell commented, "These awards further add to Rocksource’s existing portfolio of prospects which have been de-risked using an integrated evaluation of EM data in combination with conventional seismic and well information. We believe each award contains low risk, high value prospectivity which we look forward to maturing with our partners."

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