APA 2011 Awards to Rocksource

Thursday, Jan 19, 2012

Rocksource ASA (OSE:RGT) is pleased to announce the award of two new licenses in the APA 2011 Licensing Round on the Norwegian Continental Shelf announced by the Ministry of Petroleum and Energy.

PL 506 DS  
Rocksource was awarded operatorship and 50 per cent ownership in PL 506 DS located in the Stord Basin in block 26/5 and 26/8. PL 506 DS is a downward extension of PL 506 S, and contains the stratigraphy from base Cretaceous and below. For the license, the work programme follows the work programme in PL 506 S, and a drill or drop decision has to be made within this year.
The license group consists of: Rocksource ASA (Operator, 50 per cent), Front Exploration AS (30 per cent) and Petoro AS (20 per cent).

PL 659
Rocksource was awarded partnership (10 per cent share) in PL 659, located on the southern Loppa High, Barents Sea. This license covers four full blocks: 7221/12, 7222/10, 7222/11, 7222/12; part block: 7122/2 and also includes the Caurus gas discovery as proven by well 7222/11-1. Phase one of the work programme is four years in duration and consists of 3D seismic acquisition and the drilling of one exploration well.

The license group consists of: Rocksource ASA (10 per cent), Det Norske oljeselskap ASA (30 per cent, Operator), Lundin Norway AS (20 per cent), Spring Energy Norway AS (10 per cent), and Petoro (30 per cent).

These awards contribute long term opportunities to the Rocksource exploration portfolio. The awards from the APA 2011 Licensing Round adds further to the Rocksource portfolio with work programs designed for the rapid maturation of prospects in preparations for drill decisions.

Source: Rocksource ASA

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