In 2008, the Rocksource Group substantially increased the size and potential of its exploration portfolio. At the beginning of the year, after all 2007 license awards were included, the Rocksource portfolio totalled just over 125 million barrels of oil equivalent (boe) in net risked resources. Currently, this figure now stands at 388 million boe net risked resources.

To achieve the resource increase Rocksource was successful in two licence rounds in 2008. In the UKCS 25th Round the company was awarded four licences, and on the NCS the company was awarded two further licences in the 2008 APA, both as operator.

In the USA, Rocksource has also added prospective resources to follow up the success on the Drews Landing Field. Two of these prospects were drilled in late Q4 2008 and Q1 2009 with results still pending.

Rocksource has also been active in reviewing a number of farm-in opportunities. This effort led to successful farm-ins in two very high potential opportunities in India and Senegal/Guinea Bissau, and these farm-ins have also substantially added to the portfolio. Throughout 2008 Rocksource evaluated several farm-in opportunities in a number of global basins, including opportunities where CSEM data sets already exisited. These were not pursued further as the prospectivity did not achieve the metrics required for Rocksource to participate.

During 2008 and early 2009, Rocksource has also downgraded prospectivity on two licences; PL 456 in Norway and P1553 in the United Kingdom. Both licences will now be relinquished accourding to our exploration model where only high graded CSEM positive prospects are matured further. Also, as part of the terms of the 24th Round Frontier licences in the United Kingdom, the Operators for P 1484, P 1486 and P 1488 are preparing to complete the statuatory 75% relinquishment required on the second anniversary of the award date. All reductions in net risked resources, due to these relinquishments, are included in the current portfolio of 388 mmboe total in net risked resources.

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