The first well in the work programme is drilling. Operations have been slightly delayed, and final results from the well are not expected until late September/early October.
This high-impact well is targeting the primary prospect where Rocksource has completed an integrated prospect evaluation which included CSEM data. This evaluation suggests that the prospect chance of success is in excess of 60%. On completion of the farm-in agreement, ONGC (operator) will hold 45% equity, Oil India 20%, Petrobras 25% from an agreement signed in October 2007 and Rocksource 10%.
Further details of the terms of the agreement will be disclosed upon final completion.
Oslo, 8.9.2008