ROCKSOURCE ASA
Rocksource ASA ("Rocksource" or "Company") witnessed further success in third quarter 2014. The announcement of the Bue oil discovery made a "hat-trick" of finds this year within the PL 586 licence in the Norwegian Sea. Bue followed on the heels of the discovery and successful appraisal of Pil earlier in the year. Pil and Bue together rank as one of the most significant finds on the Norwegian Continental Shelf ("NCS") in recent years with combined resources currently estimated at between 95 and 175 million barrels of oil equivalent ("mmboe").
The Pil discovery represents a transformational event for Rocksource. Pil has already been rated one of the most significant finds on the NCS in recent years, and with an extensive follow-up programme scheduled for next year, the discovery has the potential to grow further in size.
The 2015 Pil drilling campaign will explore a large structure adjacent to existing discoveries. The campaign will expose the Company to gross unrisked resources of between 200 and 500 mmboe (Rocksource estimate). A similar seismic signature as in Pil has been identified on the follow up prospects, and the exploration targets for next year are considered by Rocksource as low to medium risk. In the event of success in 2015, further upside in the licence has been mapped, with a number of prospects and leads identified.
With the 15 per cent ownership in the Pil licence, the Company's funding flexibility has improved. Rocksource is currently evaluating how to optimise its funding requirement for 2015. Numerous alternatives are being assessed, including sale of assets in the GoM, sale of assets, or parts of assets, on the NCS, issue of additional equity, or a combination of all.
The interim report and Company presentation for 3Q 2014 is attached to this announcement.
Bergen, 18.11.2014
Rocksource ASA
Hans Petter Klohs
CFO
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