Rocksource ASA announces that the Group has signed an agreement with Explora Petroleum AS in which Explora will acquire a 10 per cent interest in Production Licence 559 in the Norwegian Sea.
Further, Explora has an option to acquire an additional 30 per cent interest prior to a potential future drill decision.
PL 559 is located in the Norwegian Sea to the east of the Norne, Urd, Falk and Linerle fields and discoveries.
Rocksource drilled an exploration well in the licence in 2011. The well was dry and the partnership is currently evaluating additional prospectivity within the licence.
A drill or drop decision is expected late 2013 or early 2014.
The current partnership in PL 559 is Rocksource (Operator and 60 per cent),
VNG (20 per cent), Skagen44 (10 per cent) and Atlantic Petroleum (10 per cent).
The agreement is pending government approval.
[mappress]
Press Release, July 8, 2013