The Board of Directors in Rocksource Geotech AS (Geotech), a wholly owned subsidiary of Rocksource ASA, has positioned Geotech for expanding the technology platform to maintain and further develop the leading technology position within the application of Controlled Source Electromagnetic (CSEM) technology. A main reason for the increased focus is the very positive results from Geotech CSEM analyses of around 60 prospects over the past five years. Numerous of the prospects have been drilled post-analyses, all successfully verifying Geotech’s interpretation and clearly demonstrating the large potential of the technology.

The expansion strategy includes focus on: * Improved accuracy and higher speed of analyses, leading to further increase in chance of success post-CSEM analyses * Increased range of prospectivity to be tested, including increased depth range, more geologically complex settings, very shallow water settings and onshore * Increased scope of application within the E&P value chain, including appraisal and production

All of the above will strengthen the core E&P business of the Rocksource group (Rocksource) and give Rocksource and Geotech additional commercial and strategic options. Geotech has so far been exclusively delivering services to Rocksource and its joint venture partners. A further expansion of the technology platform will enable the creation of potentially new business models, including the opportunity for Geotech to deliver services to a broader range of customers if and when that is seen as strategically desirable and important for Rocksource.

Over the last months Geotech has matured the following positions: * A further increased focus on electromagnetic (EM) operations and R&D * Investment in TechnoImaging LLC (TechnoImaging) * Position in GeoContrast AS (GeoContrast)

Tags: Rocksource ASA