noble farms in on agc profond, page-6

GoodOil:
Rocksource acquired 25% interest in AGC profond by paying for CSEM surveys and utilizing its highly competent staff and software in the interpretation of seismic and CSEM data. However, Rocksource is a small cap company which probably wouldn't have been able to carry 25% of the costs in AGC in addition to its one ongoing and three upcoming wells in Norwegian waters this summer/fall.

Also: even though Rocksource estimates CoS to 50%, there is still a 50% risk of failure. The deal reduces the risk, adds cash and retains a 12,5% share in a possible success.

As a shareholder in Rocksource I regard the deal with Noble Energy as sensible, also in the sense that Noble is a large cap company with deep water operating experience.