Norwegian exploration firm Rocksource has agreed a farm-out deal with Atlantic Petroleum Norge and announced a deal for a European oil firm to buy electromagnetic data and use its software.
The farm-out is an option deal with Atlantic Petroleum, giving Atlantic the right and obligation to purchase 5-15% in PL 528.
The PL 528 licence contains the Ivory prospect, sanctioned for drilling in 2H 2014.
Rocksource says the Ivory prospect is gas prone and adjacent to Statoil's Aasta Hansteen field, currently under development and due on stream in 2017.
Rocksource's pre-drill resource range estimate for Ivory is 55-306MM boe. The license partnership consists of Centrica (operator, 40%equity), Statoil (35%) and Rocksource (25%.
The second deal will see Rocksource sell of electromagnetic data (EM data) and licensing of Rocksource’s proprietary Rocksource Discover software and source code (RD4) to a Norwegian branch of a European oil and gas company.
Total consideration for the software license and the EM data is NOK20 million.
RD4 software is used for processing, modeling and inversion of EM data, in order that this information can be used in exploration for, and production of, oil and gas.