Rocksource ASA says that Ophir Energy plc, the Operator of the AGC Profond PSC, has agreed a rig contract for the deepwater semi-submersible Maersk Deliverer to drill the first exploration well on the block. Based on the current operational schedule the Maersk Deliverer will arrive on location during Q1 2011.

The well will target the 'Kora' prospect which Rocksource has independently estimated to contain mean recoverable resources in excess of 400 million barrels of oil equivalents.

The 'Kora' prospect consists of a large four way dip closure with Late Cretaceous reservoir potential. The prospect has been de-risked by the acquisition of CSEM data and is associated with a strong resistive anomaly which has been interpreted by Rocksource to be related to hydrocarbons, with a high degree of confidence.

The AGC Profond PSC covers the deepwater area (9,838 sqkm) that is jointly administered by Senegal and Guinea Bissau. Rocksource farmed into AGC Profond PSC in September 2008. The PSC area contains multiple play intervals and currently has 17 prospects mapped within its limits, 3 of which are associated with robust CSEM anomalies.

The Maersk Deliverer is a state-of-the-art new build rig scheduled for delivery from the Keppel Fels yard in Singapore later this year. It will undertake several operations in the region on behalf of other clients before drilling the AGC Profond well.

The 'Kora' prospect will be drilled at a water depth of approximately 2,600 meter. Drilling of this well will complete the second phase of the PSC work programme.

The AGC Profond PSC partnership currently consists of Ophir Energy plc (Operator, 83 per cent), L'Entreprise AGC S.A. (12 per cent) and Rocksource ASA (5 per cent). The contribution to the first well cost marks the second stage in the farm-in agreement between Rocksource and Ophir and will earn Rocksource a total of 15 per cent equity in the PSC. To earn a maximum 25 per cent equity in the PSC Rocksource will be required to make a similar contribution to a second exploration well.

Tags: Rocksource ASA