Rocksource ASA ("Company" & "Rocksource") hereby announces that the Company has entered into agreements with the Norwegian branch of a European oil and gas company related to sale of electromagnetic data (EM data) and licensing of Rocksource's proprietary Rocksource Discover software and source code ("RD4"). Total consideration for the software license and the EM data is NOK 20 million.
RD4 software is used for processing, modelling and inversion of EM data, in order that this information can be utilised in exploration for, and production of, oil and gas. Subject to certain restrictions, Rocksource has agreed to grant the Licensee a perpetual and non-exclusive license to the latest working version of RD4. The Licensee cannot resell, sub-license or in any other way distribute the Software to third parties.
The data sale agreement includes most of Rocksource's proprietary EM data. The Buyer cannot resell, sub-license or in any other way distribute the data to third parties.
