Rocksource Withdraws from Applying for License in Ghana

As part of Rocksource's portfolio development, the company has participated in a consortium that for some time has evaluated the possibility of applying for licenses offshore Ghana. Both exploration licenses and blocks holding proven reserves have been evaluated.

Following a thorough review, the consortium has concluded that the blocks in question are not likely to give a satisfactory economic return compared to the associated technical and economic risk, and has therefore concluded not to seek award of the blocks. The group has decided to convey this to the authorities in Ghana.

The decision is in alignment with the adjusted Rocksource strategy to include the Norwegian Continental Shelf (NCS) in the further development of its portfolio.

Rocksource continues to mature other possibilities, including ongoing discussions with strategic partners, which will allow better opportunity to apply the company's proprietary EM exploration technology to create value through proving up profitable hydrocarbon reserves.

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