Exploration success in the US
Rocksource ASA Group (“Rocksource”) is pleased to announce that its first operated exploration well has been a success and following production testing is now tied in to a gas sales pipeline. The well is producing gas from one of several hydrocarbon bearing zones in the Drews Landing Field. “These results are very encouraging” says Jacob Sannes, CEO of Rocksource’s US subsidiaries Rocksource Energy Corporation and Sandhawk Energy LLC. “The well was opened to flow to sales yesterday, and we are hopeful it will be generating revenue in excess of expectations.
Following completion of the first well the rig was moved to test a separate structure, north of the discovery. This well has also been logged and presence of hydrocarbons is indicated in several zones. This well has now been cased and cemented and is expected to produce gas to sale shortly. Production rates and reserves updates for both wells will be reported in due course and as part of the regular financial reporting from Rocksource.
This success in the US goes a long way towards securing our objective to establish a production level in excess of 1,000 barrels of oil equivalent per day in 2007. Two successful exploration wells is a good start, and we aim to be able to build on this success to develop a significant business in the US.
There will now be a short break in the drilling program to allow for field development planning of these discoveries. Drilling is planned to restart in March.
All wells in this drilling campaign are operated by our US subsidiaries Sandhawk Energy LLC and Rocksource Energy Corporation.
Oslo, 31.1.2007
Rocksource ASA
Trygve Pedersen - CEO
+47 90 09 77 41
Published: 31.01.2007
Contact Information
Address:
Thormøhlensgate 53 D
Postboks 994 Sentrum
N-5808 Bergen
Norway
| Phone: | +47 05369 |
| From abroad: | +47 21 49 32 69 |
| Fax: | +47 55 36 87 98 |
Per Anders Muri
VP Corporate Communications
Phone: +47 91 11 61 21
per.anders.muri@rocksource.com