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Quarterly Earnings Announcement August 16th 2005

A focused E&P company - with game changing technology. Quarterly Earnings Announcement August 16th 2005. Agenda. Rocksource Business focus Financials Technology Outlook. Rocksource. Rocksource shareholders – top twenty 15.08.05. Rocksource Team. Management CEO: Martin Bekkeheien

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Quarterly Earnings Announcement August 16th 2005

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  1. A focused E&P company - with game changing technology Quarterly Earnings Announcement August 16th 2005

  2. Agenda • Rocksource • Business focus • Financials • Technology • Outlook

  3. Rocksource

  4. Rocksource shareholders – top twenty 15.08.05

  5. 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

  6. Business Structure Rocksource ASA Oil and Gas Technology Minerals and Metals Rocksource Energy Corporation Texas, 100% Rocksource Geotech AS 100% Mesaloma SA Ecuador 100%

  7. 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.

  8. 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

  9. 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: 15.07 • Jaguar farm in + entering Ghana consortium 15.08

  10. Business Focus

  11. Develop existing portfolio • Leverage own exploration licence portfolio • USA onshore • Sandhawk / New Ace field • EOR • cash flow • test ground for EM onshore

  12. Building real book value • Exploration licences • Ex. Colombia offshore, Jaguar • Reserves • Ex. REC, Ghana • Production • Ex. New Ace field

  13. Jaguar prospect • Farm in deal with DNO – 10% • Prospective neighbourhood • Cormorant, Hutton, Tistle, Osprey • EM opportunity and challenge • An attractive business opportunity!

  14. Ghana • Offshore West-Africa • Application for exploration licences • with proven oil and gas reserves • Politically stable - favourable fiscal regime • Domestic gas market

  15. Financials

  16. Profit & Loss

  17. Balance Statement - key figures

  18. Cash Flow - key figures

  19. Production • 2. quarter: • 1,108 boe @ 48.6 USD/boe on average • 29 mill cf gas @ 7.44 USD/1,000cf on average • 1. half year: • 1,108 boe @ 48.6 USD/boe on average • 29.4 mill cf gas @ 7.43 USD/1000cf on average

  20. Game changing technology

  21. Closing remarks

  22. 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

  23. Outlook • More opportunities than we can digest • We know – “The proof of the pudding is in the eating”!

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