Spencer stays at Rocksource
Norwegian explorer Rocksource has appointed a former BP and Shell executive to become the company’s new chief executive.
Christopher Spencer who was appointed as a temporary chief executive of Rocksource last December following the resignation of former chief Trygve Pedersen, has now been confirmed as the new permanent chief executive at Rocksource.
Spence worked for both BP and Shell before joining Rocksource in 2010.
“Chris has been instrumental in securing a new and significantly improved foundation on which to re-establish Rocksource as an active exploration company. In a period of turbulence and a challenging financial environment he has demonstrated strong leadership and an ability to execute key funding events,” commented Rocksource chairman Henrik Christensen.
Rocksource went through a major financial crisis earlier this and resolved it by selling off equity in 12 of its Norwegian licences to Valiant Petroleum for NOK 60 million, (US $10.05 million) plus a NOK 200 m (US $33.52 m) carry for Rocksource work obligations on three wells over the next year, which has halved Norwegian interests held by Rocksource.