Lesson plan
Rocksource
Rocksource was a technology-based exploration and production petroleum company listed on the Oslo Stock Exchange. The company was established as a partnership between Norwegian entrepreneurs, oil industry professionals and academics, Jonny Hesthammer and John Howell from the University of Bergen. The company focused on two areas. For exploration the company developed algorithms for the processing of Controlled Source Electromagnetic (CSEM) data which were used as part of an integrated exploration process. Secondly the company successfully exported "North Sea style" reservoir management techniques to the highly conservative onshore gas fields of east Texas where it bought old oil and gas fields and revitalized them. Rocksource built up a portfolio of exploration acreage that was suitable for de-risking using CSEM. The first tranche of wells were drilled in 2011 with mixed results, including a marginal discovery in the Barents Sea. The results were perceived negatively by investors and the share price fell sharply. The subsequent discovery of the Pil and Bue fields in 2014 saw the company as successful but underfunded. This led to the company being delisted and purchased by Hitech Vision. Rocksources was combined with other Hitech companies to create Var Energi.
Article summary
Rocksource was a technology-based exploration and production petroleum company listed on the Oslo Stock Exchange. The company was established as a partnership between Norwegian entrepreneurs, oil industry professionals and academics, Jonny Hesthammer and John Howell from the University of Bergen. The company focused on two areas. For exploration the company developed algorithms for the processing of Controlled Source Electromagnetic (CSEM) data which were used as part of an integrated exploration process. Secondly the company successfully exported "North Sea style" reservoir management techniques to the highly conservative onshore gas fields of east Texas where it bought old oil and gas fields and revitalized them. Rocksource built up a portfolio of exploration acreage that was suitable for de-risking using CSEM. The first tranche of wells were drilled in 2011 with mixed results, including a marginal discovery in the Barents Sea. The results were perceived negatively by investors and the share price fell sharply. The subsequent discovery of the Pil and Bue fields in 2014 saw the company as successful but underfunded. This led to the company being delisted and purchased by Hitech Vision. Rocksources was combined with other Hitech companies to create Var Energi.
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Discussion questions
- Summarise the article in your own words. Which single claim would you verify first, and why?
- Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
- If two sources disagreed about one of these facts, what would you need in order to trust one over the other?
Bibliography
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Key claims and bibliography are generated from the same tracked claims and sources as the article page.