Rocksource Drills a Duster at Mississippi Well
Rocksource ASA has announced that the exploration well drilled in Mississippi on the Shockaloo Creek prospect by its US subsidiary has reached TD and, after logging, is now being plugged and abandoned as a dry hole.
The well was drilled on heritage acreage as a low cost test of one of Rocksource`s smaller and higher risk prospects, targeting 1.2 mm boe of resources. The well reached a total depth of 6,812ft and the dry hole cost is approximately $550,000.
Rocksource shall now continue to focus on its main prospects in South East Texas which are supported by 3D seismic and by the extensive experience gained through drilling of 9 successful wells in the New Ace/Drews Landing area.
The lack of success in the Mississippi well does not change the ambitions set forth in the stock exchange notice of July 9. Rocksource has scheduled two exploration wells to be tested in Q4 2008 which, upon success, will lead to development yielding a total US production rate of 5,000 boepd (barrels of oil equivalent per day) and 10 million boe reserves by the end of 2010.