ONGC + Rocksource (RGT) Norway

Hi everyone!

23.01.08 Rocksource announced an agreement with ONGC. This is a milestone for RGT and ONGC. RGT has a unique technology to offer, EM.

What is EM?? Read more here:

http://www.rocksource.com/Default.aspx?tabid=605&subtabid=606



Rocksource ASA enters into agreement with Indian state oil company ONGC


The Norwegian oil company Rocksource ASA and the Indian state oil company ONGC (Oil and Natural Gas Corporation Limited) have signed a Cooperation Agreement to develop exploration partnerships on the Indian continental shelf and Internationally. The agreement was signed by Mr G.K. Bhatnagar, Head of EXCOM - BD JV Group of ONGC and the CEO of Rocksource ASA, Trygve Pedersen.

Rocksource Chairman and cofounder Dag Dvergsten stated `this is a significant milestone for Rocksource as it establishes a framework for joint exploration efforts with one of the largest E&P companies in Asia. It allows us to apply our proprietary electromagnetic (EM) technology in a world class hydrocarbon province, with a tremendous exploration potential. We believe that our technology when combined with ONGC`s understanding of the Indian Continental Shelf will be value creating for both companies. The fact that ONGC has chosen Rocksource as a partner is also a clear confirmation of our technology and competence`.

D.K. Pande, Director of Exploration for ONGC stated `Rocksource has developed a unique exploration technology that we hope will contribute to improving the success rate in our exploration activities. ONGC is uniquely placed with respect to acreage on the Indian margin.`

The two companies share an intention to perform joint exploration activities based on the results of the Rocksource EM technology and integrated prospect evaluation. They will also participate in joint applications for new exploration acreage where EM technology can be applied. ONGC has already acquired substantial amounts of EM data on the Indian Continental shelf.

ONGC is India`s largest E&P company and has a state ownership share close to 75%. The company controls approximately 80 percent of India`s oil and gas production, with more than one million barrels of oil produced per day. The company has a strong international foothold with exploration acreage in Asia, Africa and South America.

Rocksource is a Norwegian independent exploration and production company listed on the Oslo stock exchange (ticker: RGT). The company has exploration licences in Norway and the UK as well as production from two fields in the USA. The company`s core abilities are related to its competence within exploration and production technology, including the processing and integration of EM data with other geological and geophysical data.

In 2006 Rocksource started systematic screening of global basins for EM suitable areas to best exploit its proprietary exploration technology and grow its portfolio. The company is in the process of building an international portfolio of exploration and production. The Cooperation Agreement with ONGC is a significant milestone in this strategy.

For more information on ONGC and Rocksource:
http://www.ongcindia.com


Oslo, 23.1.2008
Rocksource ASA

Trygve Pedersen
CEO

+47 90 09 77 41



Rocksource is a small company in Norway listed on OSE (Oslo Stock Exchange)

www.rocksource.com

CHECK IT OUT!!


Verbatim

08/02-2008 16:24:37: (RGT) SUCCESSFUL AWARD OF NEW LICENSES IN NORWAY
Rocksource ASA (`Rocksource`) has been awarded 3
new licenses on the Norwegian Continental Shelf
(NCS) in the APA 2007 Licensing Round announced by
the Royal Ministry of Oil and Energy today. The
awarded blocks are those which Rocksource
prioritized during the application process in
September 2007. The awarded blocks are:

License 451, Blocks 9/11, 9/12 & 10/10
This new license in the southern part of the North
Sea lies in the vicinity of the existing license PL
441. Electromagnetic (EM) data have already been
acquired over the main prospect and EM anomalies
were identified in association with it. These data
are currently being assessed in detail. The work
programme is as follows:

Acquisition of minimum 400 sqkm 3D seismic
Drill or drop within 3 years
Decision on continuation or drop within 5 years
Submit PDO or drop within 6 years

The license group consists of:
NORECO (operator), 40%
NOIL, 20%
Det Norske Oljeselskap AS, 20%
Rocksource ASA, 20%


License 480, Block 6507/8
This block is situated on the Halten Terrace in the
Norwegian Sea, about 10 km. east of the Heidrun
Field. The main prospect has been identified as
being EM suitable and is similar in nature to the
Heidrun Field. The work programme is as follows:

Reprocess existing 3D and G&G studies
Drill or drop within 2 years
Decision on continuation or drop within 4 years
Submit PDO or drop within 5 years

The license group consists of:

StatoilHydro (operator), 40%
RWE DEA AS, 20%
DONG Energy Norge AS, 20%
Rocksource ASA, 20%


License 457, Blocks 17/6, 9
This area straddles the southern margin of the
Stord Basin and northern edge of the Egersund
Basin. The prospectivity is similar to that seen at
the Yme area discoveries and has been modelled as
suitable for de-risking by the use of CSEM. The
work programme is as follows:

G&G studies with decision to acquire 3D seismic or
drop after 1 year
Acquisition of minimum 300 sqkm 3D seismic
Drill or drop within 3 years
Decision on continuation or drop within 5 years
Submit PDO or drop within 6 years

The license group consists of:

Rocksource ASA (operator), 100%


These awards are important elements of Rocksource`s
strategy for growth by building a portfolio of
exploration licenses with high graded prospects
that can be tested by use of EM technology. The
award provides Rocksource with new opportunities to
test and represents a significant growth in risked
resources. These awards will now be tested at low
cost and high graded ultimately for drilling
delivering a low risk, high value set of prospects.

The award of operatorship is an acknowledgement of
the company`s technical capability and
organizational strength and marks another milestone
in the company`s growth.

Oslo, 8.2.2008
Rocksource ASA


Trygve Pedersen
CEO

+47 90 09 77 41Ekstern link: http://www.newsweb.no/index.jsp?messageId=202481

Rocksource features in an article in the current issue of "World Finance" as a nominee for the "World Finance Petroleum Company of the Year Award"

According to the World Finance award selection panel, a wide range of criteria to inform its decision over the Petroleum Company of the Year nominations, lending the critical eye of a collective 170 years of business journalism to the exhaustive information gathered by the award body's research team. A few of the more important factors are as follows:

- Investment in new technologies
- Environmental investment
- Level of transparency and good corporate governance
- Financial performance
- Innovative growth strategies

A link to the World Finance Magazine can be found on http://www.worldfinance.com/.
An article on Rocksource can be found on the following link (pages 99-101): http://cde.cerosmedia.com/1H47ab29d8e4e96160.cde.


Oslo, 11.2.2008
Rocksource ASA

Trygve Pedersen
CEO

Excellent progress on license PL416 ("Breiflabb")


Rocksource ASA ("Rocksource") is pleased to announce that the operator of license PL416 ("Breiflabb"), E.ON Ruhrgas Norge, has informed the Norwegian Ministry of Petroleum and Energy of the partnership's decision to enter into phase 2 of the initial period in the license which expires in February 2010. The partnership has decided to acquire a minimum of 250 km2 of 3D seismic data. This is scheduled to take place early summer 2008. The next decision point in the license is drill or drop.

PL416 is located in Block 31/8 in the North Sea, and was awarded in APA2006 in February 2006. Phase 1 consisted of acquisition and analysis of electromagnetic data. This has been completed successfully with encouraging results. License holders are E.ON Ruhrgas Norge (operator, 50%), Rocksource ASA (35%) and Aker Exploration (15%).

Oslo, 15.2.2008


Rocksource ASA
Trygve Pedersen
CEO
+47 90 09 77 41