Rocksource ASA has been awarded 3 new licenses on the Norwegian Continental Shelf (NCS) in the APA 2007 Licensing Round announced by the Royal Ministry of Oil and Energy today. The awarded blocks are those which Rocksource prioritized during the application process in September 2007. The awarded blocks are:
License 451, Blocks 9/11, 9/12 & 10/10
This new license in the southern part of the North Sea lies in the vicinity of the existing license PL 441. Electromagnetic (EM) data have already been acquired over the main prospect and EM anomalies were identified in association with it. These data are currently being assessed in detail. The work programme is as follows:
- Acquisition of minimum 400 sqkm 3D seismic
- Drill or drop within 3 years
- Decision on continuation or drop within 5 years
- Submit PDO or drop within 6 years
The license group consists of:
- NORECO (operator), 40%
- NOIL, 20%
- Det Norske Oljeselskap AS, 20%
- Rocksource ASA, 20%
License 480, Block 6507/8
This block is situated on the Halten Terrace in the Norwegian Sea, about 10 km. east of the Heidrun Field. The main prospect has been identified as being EM suitable and is similar in nature to the Heidrun Field. The work programme is as follows:
- Reprocess existing 3D and G&G studies
- Drill or drop within 2 years
- Decision on continuation or drop within 4 years
- Submit PDO or drop within 5 years
The license group consists of:
- StatoilHydro (operator), 40%
- RWE DEA AS, 20%
- DONG Energy Norge AS, 20%
- Rocksource ASA, 20%
License 457, Blocks 17/6, 9
This area straddles the southern margin of the Stord Basin and northern edge of the Egersund Basin. The prospectivity is similar to that seen at the Yme area discoveries and has been modelled as suitable for de-risking by the use of CSEM. The work programme is as follows:
- G&G studies with decision to acquire 3D seismic or drop after 1 year
- Acquisition of minimum 300 sqkm 3D seismic
- Drill or drop within 3 years
- Decision on continuation or drop within 5 years
- Submit PDO or drop within 6 years
The license group consists of:
- Rocksource ASA (operator), 100%
These awards are important elements of Rocksource's strategy for growth by building a portfolio of exploration licenses with high graded prospects that can be tested by use of EM technology. The award provides Rocksource with new opportunities to test and represents a significant growth in risked resources. These awards will now be tested at low cost and high graded ultimately for drilling delivering a low risk, high value set of prospects.
The award of operatorship is an acknowledgement of the company's technical capability and organizational strength and marks another milestone in the company's growth.