Rocksource faces sale objections

Roadblock: for Rocksource farm-down with Valiant

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Steve Marshall

 20 March 2012 15:14 GMT

The largest shareholder in Norwegian junior Rocksource has called for an extraordinary general meeting of the company in an apparent bid to block a newly minted deal to sell off a substantial part of its assets.

The stage is set for a possible showdown over the proposed sale to UK-based Valiant Petroleum that Rocksource claims is “the best solution for our shareholders” as it seeks to raise funds for a 2013 drilling campaign after a run of dry holes.

Rocksource will farm down about 50% of its interests in 12 Norwegian exploration licences as well as shed a 13% stake in the Total-operated Norvarg discovery in the Barents Sea, leaving it with only 7%, under the Nkr260 million ($45.1 million) transaction.

However, major investor Petrolia, which holds a 33.21%…

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