July 2009 production update
Rocksource ASA (“Rocksource”) announces that the July 2009 production from its US subsidiaries averaged 1,115 boepd (barrels of oil equivalent per day). This compares to the June 2009 production of 1,040 boepd and 2,625 boepd in July 2008.
The production problems reported in May and June continued through most of July. The production tubing for Morian #6 has been replaced after stimulation of the producing intervals and production is now improving again, albeit not yet to the level seen before the corrosion problems occurred. Production from Lazy “M” #2 has resumed at a lower level but stimulation has been postponed in the hope that the well would recover without the costs and risk of a new stimulation. A decision on stimulation of Lazy “M” #2 will be taken later in August.
Rocksource is reviewing the total effect on this year’s production guidance and will revert to this issue in the company’s Q2 2009 presentation on 25 August.
Evaluation of development options for the Granbury discoveries has continued. This has been a challenging evaluation due to the very low gas prices experienced in the US, but a conclusion is now expected within Q3. If positive, this would allow production to start within end 2009.
Note: 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.
Oslo, 10.8.2009
Rocksource ASA
Trygve Pedersen
CEO
+47 90 09 77 41
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