Operational update for well CY-DWN 2

The Oil and Natural Gas Corporation Limited (ONGC) has now notified its joint venture partners in block CY-DWN-2001/1 of the results from the second exploration well, CY-DWN 2. The well was spud on 30 October 2008 by the Transocean Discoverer Seven Seas and reached its target depth on 20 December 2008.

The well was planned and approved by the operator ONGC and Oil India Limited and targeted conventional prospectivity which had not been tested by a CSEM survey. The well found minor gas shows, but was otherwise dry and will be plugged and abandoned.

The rig will now leave the block to drill one well on separate ONGC acreage before returning to CY-DWN-2001/1 to complete the third and final well of the Phase 1 work programme commitment.

The current cost estimate for the Rocksource share of the full Phase 1 work programme is maintained at USD 20 million.

Rocksource has evaluated the new well data from the first well, CY-DWN 1, and remains very optimistic that there is a low risk CSEM positive prospect, containing considerable volumetric potential, which has yet to be tested by drilling. The final location of the third well will be decided by the Operating Committee in due course.

The CY-DWN-2001/1 partnership is as follows:

ONGC, 45%
Oil India, 20%
Petrobras, 25%
Rocksource, 10%*
* The assignment of the Rocksource ASA Participating Interest is contingent upon Government approval.

Oslo, 30.12.2008
Rocksource ASA

Trygve Pedersen
CEO

+47 90 09 77 41 
 

Published: 30.12.2008