Rocksource announced on August 4, 2008 that the Company was in advanced stages of negotiations to complete a farm-in agreement with ONGC for a 10% equity stake in exploration block CY DWN 2001/1, on the Indian Shelf. The negotiations have now been concluded and both parties are expected to sign the agreement within the next two weeks.
The first well in the work program is drilling. Operations have been slightly delayed, and final results from the well are not expected until late September/early October.
This high-impact well is targeting the primary prospect where Rocksource has completed an integrated prospect evaluation which included CSEM data. This evaluation suggests that the prospect chance of success is in excess of 60%. On completion of the farm-in agreement, ONGC (Operator) will hold 45% equity, Oil India 20%,Petrobras 25% from an agreement signed in October 2007 and Rocksource 10%.
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