Rocksource Nabs 10% Equity Stake in Indian Shelf Block
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%.
Operates 35 Offshore Rigs
Manages 12 Offshore Rigs
- Brazil Regulator Allows Petrobras To Source Libra Rig Hull From Abroad (Oct 04)
- Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role (Sep 29)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: ONGC more info
Operates 36 Offshore Rigs
Manages 8 Offshore Rigs
- Sources: India ONGC Strikes 'Good' Offshore Oil, Gas Find (Sep 20)
- India To Acquire Seismic Data Of 48,000 Line kms To Boost Oil, Gas Output (Sep 12)
- Biggest Indian Explorer Is Said to Plan First Ever Borrowings (Aug 10)
Company: Oil India more info
- India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October (Jun 06)
- India Launches Auction for 67 Small Oil, Gas Fields Under a New Bid Scheme (May 26)
- ONGC Plans to Drill 17 Exploration Wells in India's Shale Oil, Gas Blocks (Apr 26)
Company: Rocksource ASA more info
- Gas Discovery at Ivory Well Inconclusive (Dec 02)
- VNG's Pil Well Flows at 6,710 Bopd (Apr 10)
- VNG Norge Hits Oil, Gas with Pil Well (Mar 06)