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