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Rocksource ASA Announces Reorganization of Group Structure


Thursday, 18 Oct 2012 02:30am EDT 

Rocksource ASA announced that it has decided to reorganize the corporate structure of the Rocksource Group (Group). The aim is to create an entity more aligned with its operations and jurisdictions. The new structure should permit the Company to achieve its main objective of enabling further growth. Rocksource ASA announced a review of its corporate structure in the Company's second quarter 2012 financial report. This review concluded that the Company should treat its Norwegian Continental Shelf (NCS) activities in the same way as those in other countries within the Group. Rocksource ASA will therefore transfer all its NCS activities including licenses, all related assets, contracts and personnel into a fully owned subsidiary of Rocksource ASA. The planned reorganization will have the effect that the parent company, Rocksource ASA, will discontinue its direct petroleum activities on the NCS. These will now be conducted through the new subsidiary. As such, there will be no impact on the overall NCS activity for the Rocksource Group, and the NCS remains the main focal area for the Group. Rocksource ASA expects the reorganization to take place at the end of 2012, subject to relevant conditions being fulfilled, including approval from Norwegian authorities. As a consequence of the restructuring, Rocksource ASA can claim payment from the Norwegian government of the tax value of its uncovered losses pursuant to the Norwegian Petroleum Taxation Act section 3(c)(4). 

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