Exploration focus by relinquishment of PL 441 (Rundemann)
The partnership in PL 441 have agreed to inform the Ministry of Oil and Energy that the they will relinquish the license. The license was awarded on 15 June 2007. The work commitment for the first year was to acquire electromagnetic data and based on that and the general assessment of the prospectivity decide to drop or acquire 250 km2 of 3D seismic. The commitment has been fulfilled and based on the evaluation of the EM data and the mapped prospects the partnership do not find the license sufficient commercially attractive for further data acquisition.
The license constitute Det norske oljeselskap 60% (operator) and Rocksource 40%.
VP Exploration in Rocksource, Gregor Maxwell, comments: “This relinquishment illustrates a key part of our exploration strategy. Prospects that are not confirmed by an integrated analysis using all available tools including seismic and electromagnetic data, are not pursued for drilling. In this particular case the probability of drilling a dry well is overwhelming, so we choose to focus our efforts on more promising prospects. This change in risk was already incorporated in the exploration update that was published on the 18th of December, and as such does not impact our published estimates for risked resources”.
Oslo, 29.2.2008
Rocksource ASA
Trygve Pedersen - CEO
+47 90 09 77 41
Published: 29.02.2008
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Per Anders Muri
VP Corporate Communications
Phone: +47 91 11 61 21
per.anders.muri@rocksource.com