Rocksource signs agreement with 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`.

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.