Rocksource ASA says that the company's bondholders has accepted the proposed deal to sell Rocksource's US onshore assets.

Rocksource announced on 11 November that its US subsidiaries had signed a Letter of Intent (LOI) for the sale of its US onshore producing gas fields for a consideration of USD 9.35 million. The sale is subject to certain conditions, including the signing of a final Sales and Purchase Agreement (SPA). The deal was also subject to bondholder approval.

CEO Trygve Pedersen commented: 'Drilling high potential offshore exploration wells is our core business. A sale of the US onshore assets will allow Rocksource to focus the business, reduce our cost base and strengthen the financial position ahead of our upcoming drilling campaign embarking in the next quarter. I am pleased with the support expressed by our bondholders and we will now continue our work to close the transaction.'

Subject to a final SPA Rocksource will pay the bondholders 25 per cent of the proceeds from the sale.

Rocksource expects to embark on its long awaited drilling campaign in the first quarter of 2011. The current sanctioned 2011 program consists of four firm wells; one in West Africa and three on the Norwegian Continental Shelf.

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