Dr. Jonny Hesthammer, one of the founders of Rocksource ASA, has elected to resign from his position as Chief Technology Officer in Rocksource ASA’s fully owned subsidiary Rocksource Geotech AS (Geotech).

Geotech is an EM technology company with in-house software for modeling, processing and interpretation of EM data. The company employs 9 geophysicists, and technology development in the company has been headed by Jonny Hesthammer. Dr. Hesthammer is also a professor at the University of Bergen.

Jonny Hesthammer commented on his decision: “Rocksource is picking up speed and 2011 will mark a step change in activity with the drilling of several EM positive prospects. As a founder and major shareholder of the Company I have seen Rocksource evolve from an idea to being a stock listed entity with a NOK 1 billion market cap. Being very much an entrepreneur myself, I realize that Rocksource now faces a different set of challenges than when we started seven years ago, and I therefore feel it’s natural to leave the next stage of growth to someone else. I have a strong belief in Rocksource’s business model, and it is within my ambitions to collaborate with Rocksource from a different role in the future.”

CEO in Geotech and one of the founders of Rocksource ASA, John Howell, commented on Dr. Hesthammer’s decision: “Jonny has been instrumental in the buildup of Rocksource. His outstanding contribution, especially within the electromagnetic technology field has been very important to Rocksource, and has made it possible to grow the company to where we are today. With a more than 1 billion barrel exploration resource potential, Rocksource is now set for the next phase in the Company’s evolution. We will drill 5 wells during 2011, which will test more than 200 mill barrels oil equivalent net risked resources, and we will continue to grow our EM led exploration business.”

Tags: Rocksource ASA