THE BOARD OF DIRECTORS APPROVES SHARE SUBSCRIPTION BY FIDELITY MANAGEMENT
The Board of Directors of Rocksource approved on Thursday 16th June 2005 the share subscription of 29.624.000 new shares by funds managed by Fidelity Management with a subscription price of NOK 1.47 per share. The Board of Directors was authorised to increase the share capital of Rocksource with up to 10 per cent in the ordinary general assembly in the company 31st May 2005. The share capital increase is formally carried by Fondsfinans as subscriber of the new shares and the new shares will, subsequent to issuance, be transferred to Fidelity Management. The subscription price shall be paid within 20th June 2005. The transfer of shares to Fidelity shall at latest take place 22nd June 2005.
Rocksource will after the registration of the new shares have a share capital of NOK 81,466,236.75, divided by 325,864,947 shares with a par value of NOK 0.25.
Rocksource is a technology- and know-how driven oil company based on Norwegian knowledge within geology and petroleum research. Rocksource shall search and explore oil and gas with larger precision, to lower costs and risk than today´s technology and approach allows. The company has defined the following three areas as strategic success factors: Technological advantage, marked access and access to capital.
Rocksource´s comparative advantage lies in technology and expertise for analysis of geological and geophysical data. The company has developed a tool for integrated interpretation of seismology and EM data that can contribute to a substantial reduction of drilling dry wells in the search of for new oil and gas reserves. Network and a experienced leader group gives us access to interesting projects. Financial robustness and access to capital is, however, decisive factors for obtaining a position to enter into partnerships and lifting commercially interesting projects. Thus, the share capital increase strengthens the basis for bringing the company to a license phase, says Rocksource´s CEO Martin Bekkeheien in a comment.
Oslo
Jan Sjølie
Executive Vice President
+ 47 22 83 28 86
Published: 17.06.2005
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