Rocksource seeks extension of India agreement

Rocksource seeks an extension of the Phase I period on exploration block CY-DWN-2001/1 from the government of India.

Offshore staff

BERGEN, Norway -- Rocksource seeks an extension of the Phase I period on exploration block CY-DWN-2001/1 from the government of India. The Cauvery basin block offshore southeastern India covers 12,425 sq km (4,797 sq mi).

At the same time, Petrobras has agreed with ONGC on a farm-out agreement which would give Petrobras 25% participating interest in the acreage.

The PSC requires three exploration wells to be drilled in Phase I, with options to extend into a second and third exploration phase. So far, two wells have been drilled on the block, both of which were dry. However, neither well tested the primary prospect or the CSEM anomaly defined by Rocksource. The Joint Venture is evaluating options for the third well of the first exploration phase work program, which should be drilled prior to mid-March 2011.

1/17/2011

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