Rocksource in the Gulf of Mexico

The strategic rationale behind the GoM entry was to accelerate the company’s drill queue of EM positive prospects and create opportunities for short to medium term production growth and value creation. The GoM is one of the world’s most prolific exploration basins with attractive fiscal terms. 

The initial farm-in deal with Focus gave Rocksource access to a portfolio of eight leases of which several with EM positive prospects.

In September 2009, Rocksource strengthened its position in the GoM, following successful awards in the Western Gulf of Mexico Lease Sale 210. Rocksource Gulf of Mexico (RGOM), a wholly owned subsidiary of Rocksource ASA, was awarded 13 leases situated in the western part of the GoM. The leases awarded contain both previously discovered oil (the Trident field) and significant exploration potential.

Rocksource estimates that its current GoM portfolio of 20 leases includes an exploration potential of approximately 200 million barrels of oil equivalents (mmboe) net risked resources. In addition, the awards include the Trident discovery, which the previous operator (Unocal/Chevron) estimated to contain in excess of 100 million barrels of discovered resources.

Located on Alaminos Canyon, Trident was discovered in July 2001 by Unocal. Three wells were drilled on the acreage, all of which encountered hydrocarbons, but the project was never sanctioned for development. Unocal merged with Chevron in 2005, and in 2008 the operator Chevron returned the leases at the expiry of the primary lease term.

For a fact sheet on Trident, please click here.

The GoM leases have a ten year lease period, with no work programme commitments attached.

The GoM leases were formally awarded to Rocksource’s partner in GoM, Focus Exploration LLC, but are now being transferred to RGOM following the formal qualification of RGOM as a lease holder and designated operator by the United States Minerals Management Service (MMS).

Map of GoM assets (please click on the image below to display a larger map):

Last update November 2009