September 15, 2008
Rocksource Signs Farm-in Agreement With Ophir Energy
Rocksource has signed a farm-in agreement with Ophir Energy, allowing Rocksource to complete a staged entry into the production sharing contract covering the deepwater area administered by the Agence de Gestion et de Cooperation entre la Guinee-Bissau et le Senegal.
The Agence de Gestion et de Cooperation entre la Guinee-Bissau et le Senegal (AGC) Profond production sharing contract (PSC) covers an offshore block which straddles the Senegal and Guinea Bissau border and has water depths extending from 50m to 3,500m.Rocksource has estimated that the block has significant potential and a planned CSEM (controlled source electromagnetic data) acquisition will test prospectivity containing approximately 1.1 billion barrels of oil equivalent (bboe) mean unrisked, gross resources.
Ophir has entered into various rig share agreements giving it access to potentially more than 500 days of rig time on deepwater drilling rigs suitable for use in the AGC Profond PSC area. The PSC also allows for exit points at the end of each exploration phase.