ROCKSOURCE TO DEMERGE SEPARATE MINING COMPANY

The Board of Directors of Rocksource ASA have mandated its administration to establish a plan for demerger of a separate company whereby existing stockholders of Rocksource ASA will be given equal ownership in the resulting companies. The demerged company shall meet the requirements for a continued listing on the OSE. `The Board of Directors will address the proposed plan for demerger on January 18th, 2006. The plan will be presented for approval by Rocksource`s General Assembly, scheduled to take place during February 2006. Estimated time for listing of the new company is within May 2006.` After completion of the planned demerger, Rocksource ASA will be a genuine E&P company within the oil & gas industry, in line with the company`s planned strategy shift previously notified.

Rocksource ASA has developed advanced technology for integrated interpretation of geological, seismic and electro magnetic data for identification of hydrocarbons. The technology is considered to have potential application within prospecting and identification of mineral resources e.g. coal, coal bedded methane, strategic industrial minerals and metallic ores.

The vision of the demerged company is to develop an industrially based resource company, utilising new technology. In addition to NOK 10 million as operating capital and the Rocksource ASA`s existing prospecting licenses for gold in Ecuador, the new company will be given global rights for commercial use of Rocksource ASA`s products and technology for applications within identification, prospecting and exploration of coal, minerals and ores. The company will be operated through a management agreement with Dag Dvergsten AS.

Oslo, 2005-12-22

Jan Sjølie

Executive Vice President

+47 900 94 685
 

Published: 22.12.2005