Rocksource aims to grow US production to 5,000 boepd
The Rocksource Group (“Rocksource”) continues to pursue its business model in the US by combining state-of-the-art technology with local expertise and experience. The company is pleased to announce the commencement of an onshore, low risk, exploration program to replace reserves and grow production. Two prospects will 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. These wells are in addition to the Shockaloo exploration well in Mississippi, which will be spud in July 2008.
Jacob Sannes, CEO of the US subsidiaries says; “The exploration program is a milestone for Rocksource in the US. We are excited about the potential and the significant growth which could follow successful results”.
The sanctioned exploration and development program emphasizes the strategic importance for Rocksource to continue to grow the US cash flow position while maturing opportunities for high impact EM based offshore wells.
Oslo, 9.7.2008
Rocksource ASA
Trygve Pedersen - CEO
+47 90 09 77 41
Tommy Sundt - CFO
+47 90 85 50 00
Published: 09.07.2008
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