Oslo-based oil company Rocksource will decide by the end of July whether to enter the AGC Profond Production Sharing contract via a farm-in with Ophir Energy in Senegal and Guinea Bissau. The company will wait for the result of an exploration decision in the PSC.

Rocksource said it would also wait at Block CY-DWN-2001/1 in India until operator ONGC of India meets over operations sometime in July. The farm-in area covers 12,425 square kilometres between India and Sri Lanka, or as much as 30 exploration blocks off Norway.

Weighing heavily on a decision are the two dry wells that skirted the main anomaly defined by Rocksource.

A joint venture of operator ONGC (45 percent), Oil India (20 percent) and Brazilian state oil company Petrobras (25 percent) as is pondering a third well in a “first exploration phase work programme”.

Much survey work is yet to be done, including seabed logging, and two more “exploration phases” are in store.

Debt-finance

France-based Africa explorer Maurel & Prom, with exploration successes to exploit offshore Africa, has launced a convertible €225 bond drive for a note due 31 July 2014. The company said it’ll refinance its other debt with the new debt-financing. The coupon brings between 6.75 percent and 7.5 percent.

Tags: Maurel & Prom, Rocksource ASA