Rocksource, ONGC in Advanced Stages for Farm-In Offshore India
Rocksource is in an advanced stage 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. Both companies have Board approval of the main commercial terms and structure of the deal, and are committed to using best endeavours to complete the final administrative tasks required to finalize the agreement. The farm-in negotiation is a result of the MOU signed between ONGC and Rocksource on January 23, 2008.
Block CY DWN 2001/1 covers approximately 12500 square kilometers of the Cauvery Basin, offshore South East India. This area is equivalent to 30 offshore blocks in Norway. The block is currently in Phase 1 with a 3 well work program. Further details of the terms of the agreement will be disclosed pending the final completion of the agreement.
On completion, ONGC will be the license operator and will hold 45% equity, Oil India holds 20% with Petrobras holding 25% from an agreement signed in October 2007, and Rocksource 10%.
Rocksource has completed an evaluation of the CSEM data on the block, which suggests the primary prospect chance of success has risen to in excess of 60% based upon an integrated CSEM-, geological- and geophysical evaluation.
Due to the release of unverified information related to the company on an Indian website, there was imposed a matching halt on trading in the stock on Friday, August 1st, in expectation of a release by the company.
Operates 35 Offshore Rigs
Manages 13 Offshore Rigs
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