Rocksource provides update on the Norvarg gas discovery in the Barents Sea

Reference is made to stock exchange announcement dated 16 June 2011 related to the Norvarg discovery in PL 535 in the Barents Sea, operated by Total. Remaining operations, including the announced production test have now been completed. The results from the production test are encouraging, and will be included in the ongoing evaluation of the Norvarg area to establish the size and extent of the discovery. Preliminary estimates provided by the Operator indicate the size of the discovery at between 10- 50 recoverable GSm3 (billion cubic meters), corresponding to ca. 63-315 million barrels recoverable oil equivalent.

The Norvarg well proved gas in both the Jurassic and Triassic intervals and an extensive static and dynamic data acquisition program was performed. Moveable hydrocarbons were proven in the Stø, Snadd, and Kobbe formations. For the Kobbe, hydrocarbons were encountered over a 400 meter interval, in reservoir rocks with variable quality. Further, in the deeper Havert Formation, hydrocarbons were encountered over two main intervals (80 and 90 meters) in reservoir rocks of poor quality.

The production test was conducted in the upper part of the Kobbe Formation in order to investigate reservoir productivity. A production rate of 180,000 standard cubic meters (Sm3) per day of good quality gaswas obtained during the main flow period.The gas contains very low carbon dioxide (CO2), hydrogen sulphide (H2S) and nitrogen (N2).

CEO Trygve Pedersen in Rocksource commented; “This is a positive event for Rocksource and potentially for the future of the Barents Sea region. Prior to drilling we used our proprietary electromagnetic (EM) technology to de-risk the chance of finding hydrocarbons here. Norvarg was a challenging case with hydrocarbons at multiple levels which were successfully predicted. The positive production test in the Kobbe Formation improves the chance that these volumes will be developed and produced in the future. The Barents region is a challenging, but also a very exciting region and Rocksource looks forward to participate in the further evaluation of the volume potential and options to commercialize this discovery.”

The Norvarg well is located in the Barents Sea approximately 250 kilometres north of the Melkøya LNG plant. The well is the first exploration well in Production License 535, which was awarded in 2009 during the 20^th Licensing Round. The PL 535 license group consists of Total E&P Norge (operator 40%), Det norske oljeselskap (20%), North Energy (20%) and Rocksource (20%).

More details on the Norvarg discovery will be provided on 17 August in connection with Rocksource’s Q2 2011 results presentation.

Oslo, 8.8.2011

Rocksource ASA

Per Anders Muri

VP Corporate Communications

+47 91 11 61 21