Rocksource Aims to Acquire Additional Acerage in North Sea

The Rocksource Group is continuing to build up its exploration portfolio with the aim of delivering a drill queue of high-impact, low risk exploration wells. The process involves the acquisition of acreage and the testing of prospects with Controlled Source Electro-Magnetic (CSEM) surveys, integrated with more traditional data. Licenses that show positive results will then be accelerated to drilling, while others are dropped. Rocksource aims to drill its first CSEM based well in 2008.

Rocksource will run a CSEM survey to test the Cyclops prospect in PL 456. The license covers block 17/6 and part of block 17/9 on the Norwegian Continental Shelf and was awarded to Rocksource as part of the APA 2007. The company holds a 100% interest in the license, as well as operatorship.

The Cyclops prospect is located just north of the Bream and Brisling oil discoveries and is part of the same Middle Jurassic play. The prospect is estimated to contain 100 million barrels of recoverable oil. The CSEM data will provide valuable information about the presence and extent of oil in the prospect.

The acquisition is expected to occur in late Q3 2008 and the data will be analyzed using Rocksource's proprietary software. Based on these results a decision will be made on whether to acquire 3D seismic over
the prospect. A drilling decision will be based on the combined assessment of CSEM and seismic data, with the goal of drilling in the first half of 2010.

ROCKSOURCE WELL POSITIONED FOR THE NORWEGIAN 20TH ROUND:

The Ministry of Oil and Energy announced the opening of the Norwegian 20th Round on Friday the June 27, 2008. Seventy-nine blocks in the Norwegian and Barents Seas are open for application by the deadline on
the November 7, 2008.

The 20th Round offers opportunities to explore prospects with a significantly larger potential than commonly found in the APA areas, and so Rocksource has undertaken significant groundwork in preparation for the round. A regional evaluation was followed by the acquisition of 30 CSEM lines during 2007. The 2007 CSEM campaign tested 39 prospects which contain approximately 7.5 billion barrels of oil equivalent mean unrisked resources. The integrated conventional G&G evaluation and the results of the electromagnetic surveys enabled the company to high grade a selection of the blocks for the nomination process in January this year.

UKCS 25TH ROUND APPLICATIONS:

On May 21, 2008, Rocksource submitted applications for the UKCS 25th Seaward Licensing Round. The round is expected to be highly competitive with the Department for Business Enterprise and Regulatory Reform
(DBERR, formerly DTI) announcing 193 applications from 131 companies. The company applications target areas which build on its current UK position and where its proprietary CSEM technology is a suitable tool for de-risking the identified prospectivity. Applications were made both on a sole basis and also with AMI partner groups. Awards are expected in Q4 2008.

 

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