Rocksource gains equity in GoM leases

Rocksource Gulf of Mexico Corp. (RGOM) has signed an agreement with Focus Exploration to gain equity interest in eight leases in the Gulf of Mexico.

Offshore staff

OSLO-- Rocksource Gulf of Mexico Corp. (RGOM) has signed an agreement with Focus Exploration to gain equity interest in eight leases in the Gulf of Mexico. RGOM will gain a 10-30% working interest in the eight leases in exchange for an entry cost of approximately $2 million.

Following the acquisition, Rocksource will add approximately 30 MMboe of net risked resources to its exploration portfolio. The company expects to participate in its first GoM well his year, with a further follow up potential in 2010.

The leases include prospects where Controlled Source Electromagnetic (CSEM) data have already been acquired. By applying CSEM, the GoM portfolio will be even further high graded with each prospect having both seismic and electromagnetic Direct Hydrocarbon Indicators (DHI's), according to Rocksource. The data are currently being processed, but three prospects already show well defined anomalies and represent very low risk drilling targets, the company says.

There are several discoveries on the leases with contingent resources of 5 MMboe net to Rocksource, where CSEM will be used to delineate extent.

The farm-in agreement is pending final approval of all lease partners.

08/11/2009

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