Mississippi exploration well unsuccessful
Rocksource ASA (“Rocksource”) announces that the exploration well drilled in Mississippi on the Shockaloo Creek prospect, by its US subsidiary, has reached TD and after logging is now being plugged and abandoned as a dry hole.
The well was drilled on heritage acreage as a low cost test of one of Rocksource’s smaller and higher risk prospects, targeting 1.2 mm boe of resources. The well reached a total depth of 6,812ft and the dry hole cost is approximately $550,000.
Rocksource shall now continue to focus on its main prospects in South East Texas which are supported by 3D seismic and by the extensive experience gained through drilling of 9 successful wells in the New Ace/Drews Landing area.
The lack of success in the Mississippi well does not change the ambitions set forth in the stock exchange notice of 9 July. Rocksource has scheduled two exploration wells to be tested in Q4 2008 which, upon success, will lead to development yielding a total US production rate of 5,000 boepd (barrels of oil equivalent per day) and 10 million boe reserves by the end of 2010.
Oslo, 23.7.2008
Rocksource ASA
Trygve Pedersen
CEO
+47 90 09 77 41
John Howell
Vice President Production
+47 91 16 61 53
Published: 23.07.2008
Contact Information
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Thormøhlensgate 53 D
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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