19 March 2012 NCS Asset Transaction with Valiant Petroleum CEO Chris Spencer
Background A disappointing outcome of the 2011 drilling campaign left Rocksource in a financially challenging situation Key short term goal has been to re-establish a more robust financial foundation - With current low share…
The asset transaction with Valiant The transaction: - Sale of 13 per cent interest in the Norvarg discovery, leaving a 7 per cent interest with Rocksource - Farm down on average about 50% of Rocksources interests in a further 12…
Strategic rationale behind the transaction Financial foundation strengthened - Removes short to medium term financial constraints - Ensures that Rocksource is funded into the Companys next drilling campaign Important step in…
Our foundation to build on (recap from Q4 presentation) A significant portfolio in Norway (14 licenses) and Gulf of Mexico (17 leases) - Partner in Norvarg, one of the major NCS discoveries in 2011. To be appraised in 2013 - 100 per…
The way forward Cost effective exploration - On target to reduce G&A level by a minimum of 30 per cent - Limited project cost for 2012 and 2013 following the transaction with Valiant Realise value in portfolio - Goal to firm up…
Investor contacts Per Anders Muri, VP Corporate Communications - Tel: +47 91 11 61 21 - per.anders.murirocksource.com Tommy Sundt, CFO - Tel: +47 90 85 50 00 - tommy.sundtrocksource.com 9
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