Rocksource Pleased with Assessment of Trident Field

Rocksource reports that the company's US subsidiary Rocksource Gulf of Mexico Corporation (RGOM) has received a third party review of resources in its Trident Field in the Gulf of Mexico. The report from Gaffney, Cline & Associates (GCA) indicates a significant contingent resource base which Rocksource believes could ultimately support a stand-alone development of the Trident Field.

GCA has endorsed Rocksource's view that the volume of gross recoverable resources in the Upper Wilcox formation at Trident could vary from 53 to 101 mmbbl of oil together with 55 to 105 Bscf of associated gas - together equivalent to 63 to 120 mmboe - with the best estimate being 76 mmbbl oil and 79 Bscf gas, together 90 mmboe. After deducting volumes associated with royalty payments (totaling 23.25 per cent), GCA concludes that Rocksource holds net contingent resources of 58 mmbbl oil and 61 Bscf gas, together 69 mmboe, as the best estimate.

GCA supports classifying Trident as "Contingent Resources, Development Pending".

GCA is an international advisory firm focused on the provision of integrated technical and managerial services, plus independent advice to all sectors of the oil and gas industry.

Trygve Pedersen, CEO in Rocksource ASA commented; "Based on the report from GCA, Rocksource believes that there could be sufficient resources in Trident to support a stand-alone development. This is very encouraging as the opportunity to develop independent from Shell's Perdido hub will significantly enhance the commercial value of Trident. We have already initiated further studies to test this potential. We hope that these studies will provide the basis for further maturing the Trident Field including a potential farm-down to a development operator in 2011."

The Trident Field consisting of AC blocks 903, 904 & 947 (Rocksource 100 per cent) was discovered in 2001 by Unocal. It was appraised in 2002 by further two wells. The wells all encountered reservoir sandstones in the Wilcox Formation and light (40 degree API) oil. However, the project was never sanctioned for development, and in 2008 the primary lease term expired and so the areas were returned to the regulator. New leases were awarded to Rocksource in the Western Lease Sale Round 2009. Rocksource holds the leases for a ten year period with no work commitments attached.

At the time of the discovery in 2001 there was no established infrastructure in the area. However, in 2006 the nearby Great White, Silvertip and Tobago Field developments were sanctioned by Shell creating the Perdido Regional Development, a hub development designed to produce 130,000 boepd from fields within a 30 mile radius. While a subsea tieback to the Perdido hub is still an option, the resources indicated by the GCA report have potential to support a stand-alone development of Trident.