PL 515: Encouraging CSEM results moves licence forward

Rocksource ASA (“Rocksource”) as Operator of PL 515 and on behalf of the licence partnership, is pleased to announce that it has informed the Norwegian Ministry of Petroleum and Energy of  the decision to enter into the second phase of the initial licence period. This period will expire in February 2012 when a drill or drop decision is required to be made.

The partnership has decided to acquire a minimum of 285 km2 of 3D seismic data during this period and acquisition is planned to take place in 2010. PL 515 covers part of block 6508/1 and block 6508/2 and is located in the Norwegian Sea. The licence was an award from the APA 2008, received in December 2008. The Phase 1 work programme consisted of acquisition and analysis of electromagnetic data. This has been completed successfully with encouraging results.

License holders are:

Rocksource ASA (Operator), 60%
Lotos Exploration and Production Norge AS, 20%
Skagen 44 AS, 20% 


Oslo, 26.10.2009
Rocksource ASA


Trygve Pedersen
CEO              

+47 90 09 77 41