Ingen lysbildetittel

1
A focused EP company - with game changing
technology
Third Quarter Earnings Announcement November
16th 2005
2
Agenda

• Q3-2005 in a nutshell gt Rocksource on track!
• Activities
• Financials
• General Update
• Technology Update
• Closing Remarks

3
Activities
4
Activities Q3

• On the positive side
• Successful fund raising gt 260 MNOK
• Jaguar rig contracted, drilling start Q1-2006
• EM postponed, but may be decided later depending
  on drilling results
• Ghana a reinforced Joint Venture
• SunTera operator and 50 participating interest
• Rocksource up from 20 to 30 participating
  interest
• Colombia 2D seismic survey according to plan
• Organizing a competitive Joint Venture in
  progress
• Recruitment
• High potential core team in place
• Technology
• In good progress

5
Activities Q3 - continued

• On the negative side
• Delayed production build up from New Ace
• Shut down due to maintenance of gas pipeline
• Production restart problems
• Delayed not lost production

6
Financials
7
Profit Loss

8
Balance Statement - key figures
9
Cash Flow - key figures
10
Production and Revenue
11
General Update
12
Rocksource shareholders top twenty 15.11.05
13
Rocksource Team

• Management
• CEO Martin Bekkeheien
• Deputy CEO Jan Sjølie
• CFO Tommy Sundt
• CTO Exploration Jonny Hesthammer
• CTO Production John Howell
• Vice President Business Dev. Trygve Pedersen
• Vice President EP Projects Gregor Maxwell
• Board of Directors
• Chairman Arve Johnsen
• Vice Chairman Mimi K. Berdal
• Board member Dag Dvergsten
• Board member Berge Gerdt Larsen
• Board member Anne-Grete Ellingsen

14
Business Structure
Rocksource ASA
Oil and Gas
Technology
Minerals and Metals
Rocksource Energy Corporation Texas, 100
Rocksource Geotech AS 100
Mesaloma SA Ecuador 100
15
Rocksource Vision and Strategy

• Rocksource is an EP company not a service
  company. This strategy ensures that our
  technology and know how is leveraged in the best
  interest of our shareholders.
• By utilizing advanced EM technology and know how
  as leverage, the Rocksource team is committed to
  build an attractive portfolio of EP assets and
  generate future cash flow.
• We shall deliver significant risk reduction and
  increased success rates in exploration through
  the use our EM tool box and know how.

16
Value proposition to other EP companies

• A value adding partner contributing with
• Risk and cost reducing EM technology and know
  how
• Own deal flow in frontier areas
• Capital

17
Business model - EP portfolio development

• Farm ins in EP licenses
• Application for new exploration licenses in
  frontier areas
• Tail end production EOR and reopenings
• Cooperation with seismic companies

18
What makes Rocksource a different player?

• Significant risk reduction in exploration
• State of the art integrated processing and
  interpretation of
• Geology
• Seismic and ElectroMagnetic data
• EOR Enhanced Oil Recovery
• Reservoir modelling
• EM into production
• Long term collaboration with CIPR

19
Milestones

• Rocksource Geotech core-team in place in new
  offices 15.11
• Restructuring of Ghana consortium 27.10
• Private Placement of NOK 260 mill 06.09
• Deal with DNO ASA on Jaguar field, UKCS 16.08
• Application for EP licenses offshore
  Ghana 16.08
• Seismic data acquisition offshore Colombia
  InSeis 22.06
• Private placement of 29,6 million shares
  Fidelity 15.06
• JIP / Statoil, Interaction Technology
  Development 02.06
• New CEO 01.06
• Acquisition of Rocksource Geotech 31.05
• New Ace field farm in deal with
  Sandhawk 13.04

20
Technology Update
21
Closing Remarks
22
Future Success Indicators

• Partnerships with EP companies
• Partnerships with seismic companies
• Early access to data in frontier areas
• Revisiting mature areas Existing seismic EM
• High performing core teams
• Bringing EM onshore and into production

23
(No Transcript)