Yes the Norwegian part of the North Sea is cheap to drill in,...

Yes the Norwegian part of the North Sea is cheap to drill in, the government reimburses 78% of costs in the event of failure ie not commercial. The flip side being you pay 78% tax on your profits. So the risk reward scenario is ENTIRELY different.

Although, drilling a string of dusters can effect cash flow as there is a delay for reimbursement.

In response to kkw's concerns over the implications of Rocksource's beneficial interest, they DID prospectively agree to make a promoted contribution to the first and second wells; despite the whole idea of the deal being to reduce exposure to risk and liabilities through a retrospective mechanism.
This agreement occurred immediately preceding the Noble farmout, so RS had the beneficial interest to "sell". Personally I think Noble's entry is the biggest vote of confidence in AGC to date.