ENP Newswire - 14 February 2014
Release date- 13022014 - Rocksource ASA recorded an operating income of NOK 28.4 million for the fourth quarter of 2013, an increase from the NOK 3.6 million reported for the corresponding quarter of 2012.
Total operating income for the financial year 2013 was NOK 59.3 million compared with NOK 55.6 million for 2012.
The net loss for the fourth quarter was NOK 1.4 million which compares with a net profit of NOK 30.8 million for fourth quarter 2012. The net loss for the financial year 2013 was NOK 39.3 million compared with a net loss of NOK 201.7 million for 2012.
With two exploration wells currently drilling and one additional well expected later in 2014, Rocksource shareholders are exposed to significant exploration leverage in the coming months. The Company's focus is now towards enhancing its exploration portfolio and firming up drilling opportunities for 2015 onwards. The aim is to achieve this through a combination of portfolio maturation, applications in future licensing rounds, and selective farm-ins/swaps. Within its own portfolio, Rocksource has to make seven drill-or-drop decisions during first half 2014.
The recent successful awards in the APA 2013 Licensing Round once again demonstrated Rocksource's ability to compete successfully in the licensing rounds in Norway. Organic growth through licensing rounds will remain a core strategy for Rocksource on the NCS.
While Rocksource is primarily focused towards the NCS, the Company continues to seek partners for its GoM portfolio. Progress remains slow, but recent marketing activity shows that interest is reviving.
Rocksource is fully funded for its committed 2014 drilling activity and a NOK 300 million exploration credit facility has been secured from SEB Merchant Banking. However, the Company has stated a desire to strengthen its financial basis. This objective remains and the Company is continuously evaluating measures to address this goal. The strategic review continues as part of this process.
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