Rocksource ASA ("Company" & "Rocksource") hereby announces that the Company has entered into a farm-out option deal with Atlantic Petroleum Norge AS ("Atlantic Petroleum") related to the PL 528 licence in the Norwegian Sea.
The PL 528 licence contains the Ivory prospect sanctioned for drilling in the second half of 2014.
Through the farm-out option deal Atlantic Petroleum shall have the right and obligation to purchase between five percent (5%) and fifteen percent (15%) participating interest in PL 528. Atlantic Petroleum shall within 28 April 2014, in its sole discretion, decide the size of the participating interest to be acquired within the 5 – 15 per cent range described above.
The Ivory prospect is gas prone with Direct Hydrocarbon Indicator (DHI) support. It is adjacent to the Statoil-operated Aasta Hansteen field development which is due on stream in 2017. Rocksource currently carries a pre-drill resource range estimate of 55-306 mmboe. The current partnership consists of Centrica (Operator, 40 per cent), Statoil (35 per cent) and Rocksource (25 per cent).