Tuesday, Feb 16, 2010

Rocksource ASA has been notified by the Ministry for Oil and Natural Gas, in India that it has been approved as a licensee for the Cauvery Basin block, CY DWN 2001-1. The approval was dated 4th January 2010 and paves the way for the company to sign the block PSC.

Rocksource fully intends to sign the PSC once the Government of India grants the Rig Moratorium and other commercial conditions are agreed to with block operator ONGC.

Assuming a successful conclusion to the current discussions Rocksource is looking forward to participating in completing the remainder of the Phase 1 Work Programme with the partnership.

Rocksource remains committed to the block and the identified prospectivity and sees that understanding the CSEM data as a key aspect to unlocking further prospectivity on the block.

Source: Rocksource

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