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Rocksource ASA Updates on Reorganization of Group Structure


Tuesday, 30 Oct 2012 03:53am EDT 

Rocksource ASA announced that with reference to the stock exchange announcement dated October 18, 2012 where Rocksource ASA (Rocksource) announced the decision to reorganize the corporate structure of the Rocksource Group (Group), this reorganization has now received formal government approval, implying that the changes to the Group structure will take place at the end of 2012. Following the approval, Rocksource will at year end transfer all its activities on the Norwegian Continental Shelf (NCS) including licenses, all related assets, contracts and personnel into a fully owned subsidiary of Rocksource ASA. The aim of the reorganization is to create a Group structure more aligned with its operations and jurisdictions. The new structure gives added flexibility and can assist the Company in its endeavors of further growth. The reorganization will have the effect that the parent company, Rocksource ASA, will discontinue its direct petroleum activities on the NCS. As a consequence of the restructuring, Rocksource will claim payment from the Norwegian government of the tax value of its uncovered losses pursuant to the Norwegian Petroleum Taxation Act section three (c)(four). Following the government approval for the reorganization, the tax refund is expected to be received by Rocksource ASA in December 2013. 

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