Private equity back exploration outfit EPSI has made a NOK6/share offer for the remaining shares of Norwegian exploration firm Rocksource, valuing the firm at US$82 million.
EPSI, a HitecVision VII investment, initially increased its holding in Rocksource to 33.34% on 3 December, at the time stating its plans to acquire the remaining interest through a mandatory offer.
Rocksource's assets on the Norwegian Continental Shelf (NCS) include 15% interest in the Pil and Bue discoveries, made in 2014 with the Transocean Arctic (pictured) semisubmersible. Pil is estimated to contain 90-170MMboe and further drilling is expected in the area in 2015 by operator VNG Norge.
Rocksource also has acreage positions in the UK North Sea and the US Gulf of Mexico. However, the company has been considering selling some assets, potential in the Gulf of Mexico and Norway, to improve its funding. Pareto Securities is advising the firm.
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