noble says 20% success at kora??, page-2

From the Rocksource home page...(50% reference at end of article).

http://www.rocksource.com/senegal-guinea-bissau/category144.html

Senegal/ Guinea Bissau
AGC Profond PSC

Background

The AGC Profond Production Sharing Contract (PSC) covers a large offshore block (9,838 sq km) which straddles the Senegal and Guinea Bissau border and has water depths extending from 50 to 3500 meters. It is governed by the Agence de Gestion et de Coop?ration entre le Guin?e Bissau et le S?n?gal (AGC), a joint commission established to administer the maritime zone between S?n?gal and Guinea Bissau.

Rocksource farmed into AGC Profond in 2008 and has since proceeded to the second phase of the PSC which will lead to the drilling of one exploratory well.

The AGC Profond PSC partnership 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 should it choose to enter into the second exploration well.



Prospectivity

The AGC Profond PSC contains several, commercially viable, low risk prospects. To date, 16 prospects have been mapped and these represent a total un-risked resource potential estimated at approximately 1.7 billion barrels of oil equivalents (Bboe). Four of these prospects have been tested by acquiring CSEM across them. The results of processing and interpretation of these surveys revealed strong positive CSEM anomalies in three prospects, of which one was defined mainly based on the CSEM results.

The key prospects in the block are:

?Kora? is the largest exploration target in the block. It is a large toe-thrust structure and contains a series of stacked deep-water reservoir targets. The CSEM results from two lines that cross the prospect show a strong positive anomaly that conforms to the mapped structure. ?Kora? contains an un-risked resource potential in excess of 400 million barrels of oil equivalents (mmboe).

After the processing of the CSEM data the prospect chance of success is considered by Rocksource to be approximately 50 per cent.