Rocksource ASA says that the September 2008 production from its US subsidiaries averaged 2,290 boepd (barrels of oil equivalent per day). This compares to the August production of 2,486 boepd and 769 boepd in September 2007. The September 2008 production was effected by Hurricane Ike. The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes due to changes in stock volumes etc.

Jacob Sannes, CEO of Rocksource US activities, says; “Hurricane Ike is the most severe hurricane to hit south-east Texas in the last 25 years and has caused very serious damage. We have been very lucky not to suffer more serious damage to personnel or facilities and credit for this is first and foremost due to the excellent work done by our production manager and his field operators”.

Rocksource managed to maintain production throughout the hurricane, though at lower rates due to operational challenges associated with lack of electricity and minor damage to the facilities. Current activities are focused on restoring full production as well as clearing all in-field roads and well sites of trees and other debris.

The new production well originally planned for July drilling has been spud, and is expected to reach target depth (TD) late October. The second rig contracted for the exploration drilling is expected to spud late November/early December.

The hurricane, coupled with the delay in the drilling of the production wells will have an effect on the fourth quarter production. The overall impact will be communicated in due course. An average production target for 2009 will be announced when information from the new wells have been incorporated into the field models. As previously announced, given success in the two exploration wells that will be drilled in late 2008 and beginning of 2009, a field development will be undertaken to double reserves to 10 million boe and production to 5,000 boepd.

Tags: Rocksource ASA