ROCKSOURCE ASA INCREASES OWNERSHIP IN GHANA-CONSORTIUM
To further position the consortium with the aim to be obtain E&P-licenses offshore Ghana, the consortium in which Rocksource participates has been restructured and strengthened.
The Sun Group (Sun) and Itera Oil and Gas Company (Itera) have joined the consortium with a joint ownership of 50%. Rocksource has increased its ownership from 20% to 30%. The remaining 20% is held by Pard. Proven reserves are estimated to 75 million barrels of oil and 700 bcf of gas. Existing seismic data shows several interesting unexplored prospects within the license area. The consortium has proposed an exploration work program estimated to USD 45 million.
In case the consortium is awarded the licenses, Itera will be the operator with technical assistance from Rocksource and others.
Itera is a significant Russian producer of oil and gas and is also involved in gas based power generation and other industrial activities. The company is now focusing on international growth and the participation in Ghana reflects this strategy.
Sun is an Indian industry- and investment company owned by the Khemka family, and the company has an annual turnover in excess of USD 2 billion.
Rocksource anticipates that concessions probably will be awarded around year end.
Oslo. 27.10.2005
Rocksource ASA
Martin Bekkeheien - CEO
+47 95 72 42 31
Published: 31.10.2005
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