January 2008 production update
Rocksource ASA (“Rocksource”) is pleased to announce that the January 2008 production from its US subsidiaries averaged 2,040 boepd (barrels of oil equivalent per day). The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes due to changes in stock volumes etc.
The original end-2008 target of 2,000 boepd has been exceeded through January 2008 and it is expected that average production through first quarter 2008 will be 2,100 boepd.
The 2nd phase drilling campaign was completed in January and the last well is due to be on stream in February after completion and tie-in to production and sales. A total of 9 wells have been drilled to date and all wells have encountered hydrocarbons in multiple zones. Some zones have excellent production performance whereas others have to be stimulated to flow, and the optimum production strategy for all zones is currently being studied in order to maximize economic results. When this work has been completed Rocksource will review the production profiles and communicate further production targets.
The new processing facilities were completed on schedule in December and most wells have been tied in to these facilities during January. A compressor unit has been installed late in January to enhance production from low pressure wells which are now being tied in to the new facilities.
Rocksource is currently evaluating options for further production drilling, new exploration targets and opportunities for further asset acquisitions to secure continued growth in our successful US business.
Oslo, 5.2.2008
Rocksource ASA
Trygve Pedersen - CEO
+47 90 09 77 41
Published: 05.02.2008
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