P1067

Rocksource entered into Production License P1067 with 10% equity together with DNO (50% operator) following a farm in agreement with Elixir Petroleum in 2005. Located within the Northern North Sea, block 211/22b is surrounded by established fields such as Cormorant & Dunlin and is within an area of excellent infrastructure coverage.

The partnership drilled the Jaguar prospect in January 2006 with the exploration well 211/22b-5, which was found to be dry. In light of information provided by 211/22b-5 re-evaluation of the prospectivity within this acreage is currently ongoing. Work commitments defined within the P1067 license are complete.

Re-evaluation of the block showed that well 211/22-2, drilled in 1975 was found to potentially hold a column of oil. Although the well was logged and cored, no pressure of fluid information was collected at the time and the well was not tested This well is on trend with the recent ‘Causeway’ discoveries operated by Antrim plc.

In the 25th Round the Joint Venture was awarded incremental acreage to cover the maximum extent of the discovery on terms that synchronous and consistent with the existing P1067 license term.

The partnership is currently evaluating options to progress this opportunity.

Overview Block 211/22b and surrounding discoveries.

Last update May 2009