Rocksource Applies for UK Licenses in the 24th Round

Rocksource UK Limited, a subsidiary of Rocksource ASA, has delivered applications for licenses for the 24th Licensing Round in the UK. The company has applied together with several different partner groups, led by established UKCS operators, thus demonstrating the acceptance of Rocksource's concept and EM capability within the industry. Rocksource considers all the areas applied for to contain prospectivity which would be suitable for the application of Rocksource's proprietary EM capability. For confidentiality reasons, the name of the partners will be revealed when and if licenses are awarded.

Gregor Maxwell, VP Exploration, believes that the UK still holds significant exploration opportunities, and that EM technology as applied by Rocksource will be an important tool to test this potential. The company has used its proprietary system, Rocksource Discover, to carry out detailed studies over a wide range of different prospects and leads to ensure the suitability of using EM data in the relevant areas.

The company expects the Department of Trade and Industry to announce the awards for the round during the third quarter of 2006.