HitecVision invests NOK 180m in Rocksource

The Norwegian GP invests in Norwegian and North American offshore exploration and production companies in the oil and gas industry. It paid roughly an 80% premium on Rocksource's share price.

The investment was made through the holding company EPSI and makes the GP the majority shareholder in the company, overtaking Berge Gerdt Larsen who held 30.7% before the deal.

HitecVision engaged brokerage firm Arctic Securities to facilitate the investment, the news of which boosted Rocksource's share price by 6% to NOK 5.8 per share.

Rocksource has seen its share price soar by 500% this year, when it made substantial oil and gas finds in its Bue and Pil wells earlier in 2014, following a number of less successful years.

Company
Based in Bergen on Norway's west coast, Rocksource is an exploration company focusing on the Norwegian Continental Shelf.

It made a net loss of NOK 39m in 2013 from revenues of NOK 59m, according to its annual report.

Rocksource employs 30 staff.

People
Christopher Spencer is the CEO of Rocksource, while Berge Gerdt Larsen is the second-largest shareholder in the company.

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