Update on the work program in block CY-DWN-2001/1

The new production wells in the ongoing new drilling campaign, described in further details below, are expected to bring total production back to above 2,500 boepd. Rocksource is now preparing the start-up of two exploration wells that will be drilled in late 2008 and beginning of 2009. Given success in these two wells a field development will be undertaken to double reserves to 10 million boe and production to 5,000 boepd.

Rocksource has been confronted with unofficial information, sourced from Indian websites, about the outcome of the first well in the work program on block CY-DWN-2001/1. To ensure that Rocksource is in compliance with the Oslo Stock Exchange regulations the company is releasing the following information:

As announced earlier the partnership in block CY-DWN-2001/1, consisting of ONGC (45%), Oil India (20%), Petrobras (25%) and Rocksource (10%, subject Indian Authority approval), has completed the first of three wells in the work program on the block. The well did not encounter moveable hydrocarbons. However, the well was drilled on a location that did not test the controlled source electromagnetic (CSEM) anomaly. This means that the initial CSEM prospectivity of the block remains intact, as announced in the stock exchange notice as of 31 October 2008.

Oslo, 3.11.2008
Rocksource ASA

Trygve Pedersen
CEO

+47 90 09 77 41

Published: 03.11.2008