Rocksource Team Management –CEO: Martin Bekkeheien –Deputy CEO: Jan Sjølie –CTO: Jonny Hesthammer –CFO: Tommy Sundt Board members –Chairman: Arve Johnsen –Vice Chairman: Mimi K. Berdal –Dag Dvergsten –Berge Gerdt Larsen –Anne-Grete Ellingsen
Business Structure Rocksource ASA Oil and GasTechnologyMinerals and Metals Rocksource Energy Corporation Texas, 100% Rocksource Geotech AS 100% Mesaloma SA Ecuador 100%
Rocksource Vision and Strategy Our commitment is to build a focused, high performing technology driven E&P company. We shall utilize advanced technology to produce a market edge and as leverage for creating partner deals with small and medium sized E&P companies.
Value proposition to other E&P companies A value adding partner – contributing with: Risk and cost reducing EM technology and know how Own deal flow in frontier areas Capital
2005 Milestones New Ace field – farm in deal with Sandhawk:13.04 Acquisition of Rocksource Geotech:31.05 New Management Team:01.06 JIP / Statoil, Interaction – Technology Development:02.06 Seismic data acquisition offshore Colombia – InSeis:22.06 Private placement of 29,6 million shares – Fidelity: Jaguar farm in + entering Ghana consortium15.08
Develop existing portfolio Leverage own exploration licence portfolio –USA onshore Sandhawk / New Ace field –EOR –cash flow –test ground for EM onshore
Building real book value Exploration licences – Ex. Colombia offshore, Jaguar Reserves – Ex. REC, Ghana Production –Ex. New Ace field
Jaguar prospect Farm in deal with DNO – 10% Prospective neighbourhood –Cormorant, Hutton, Tistle, Osprey EM opportunity and challenge An attractive business opportunity!
Ghana Offshore West-Africa Application for exploration licences –with proven oil and gas reserves Politically stable - favourable fiscal regime Domestic gas market
Profit & Loss All figures are stated in NOK 1,000 Q Total operating income Total operating cost Operating result Net financial items Result EPS diluted (NOK)-0,030-0,046
Balance Statement - key figures All figures are stated in NOK 1, (IFRS) 2004 (IFRS) Intangible assets Goodwill Oil and gas properties Furniture and office machines Fixed assets Other receivables Bank deposits Current assets TOTAL ASSETS Total equity Total liabilities Total equity and liabilities
Cash Flow - key figures All figures are stated in NOK 1,000 Q (IFRS) (IFRS) Net cash flow from: operating activities investing activities financing activities Net change in cash Cash at start of period Cash at end of period
Production 2. quarter: –1, USD/boe on average –29 mill cf 7.44 USD/1,000cf on average 1. half year: –1, USD/boe on average –29.4 mill cf 7.43 USD/1000cf on average
Game changing technology
Success indicators Partnerships with seismic companies Early access to data in frontier areas Revisiting mature areas: Existing seismic + EM = ?? Partnerships with E&P companies Focus on core business Building high performing core teams
Outlook More opportunities than we can digest We know – “The proof of the pudding is in the eating”!