Rocksource ASA (Rocksource or Company) hereby informs that the Norwegian Ministry of Petroleum and Energy has approved the asset transaction with Valiant Petroleum (Valiant), announced on March 19. This implies that all conditions precedent related to closing of the transaction have been lifted.
Closing of the transaction is imminent. Upon closing Rocksource will be in a position to immediately repay its remaining RGT 01 bond debt which matured earlier in May.
The asset transaction with Valiant includes sale of a 13 percent interest in the Norvarg discovery, leaving a 7 percent interest with Rocksource, and an average reduction of about 50 percent in the Company's equity stakes in a further 12 exploration licenses. As consideration Valiant will pay NOK 60 million in cash and will cover NOK 200 million in exploration cost on Rocksource's remaining license interests on the Norwegian Continental Shelf.