Rocksource
Norwegian technology-led petroleum exploration and production company.
Last updated August 26, 2026
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Overview
Rocksource was a Norwegian petroleum exploration and production company based in Bergen. It combined conventional oil-and-gas activities with proprietary geophysical technology, particularly algorithms intended to improve the interpretation of Controlled Source Electromagnetic (CSEM) data. The company presented CSEM as part of an integrated exploration workflow: electromagnetic information could be combined with seismic, geological, and reservoir data to help assess whether prospective structures were more likely to contain hydrocarbons before committing to drilling. The business was established through a partnership involving Norwegian entrepreneurs, petroleum professionals, and academics Jonny Hesthammer and John Howell of the University of Bergen. This origin gave Rocksource a hybrid identity: it was not simply a license-holding exploration company, but also sought to commercialize specialist subsurface-analysis capabilities. Its strategy was to acquire or participate in exploration acreage where CSEM could potentially reduce geological uncertainty and improve the selection of drilling targets. Rocksource also pursued a separate production-oriented activity in the United States. It acquired mature oil and gas fields in east Texas and applied reservoir-management methods associated with North Sea petroleum operations to assets that had been regarded as conservative or underdeveloped. The objective was to revitalize older onshore fields through more systematic reservoir analysis and management. This gave the company exposure to both frontier exploration and late-life field redevelopment, although the available reference material does not provide a detailed breakdown of production volumes or financial performance. The company assembled exploration acreage suitable for CSEM-assisted de-risking and began drilling its first group of wells in 2011. Results were mixed, including a marginal discovery in the Barents Sea. Investors reacted negatively to the initial drilling outcome, and Rocksource’s share price fell sharply. The episode demonstrated the difficulty of converting an attractive geophysical concept and prospective acreage portfolio into commercial discoveries, while also placing pressure on a company whose financial resources were limited. Rocksource later achieved a more favorable exploration result with the discovery of the Pil and Bue fields in 2014. Although these discoveries strengthened the technical case for its exploration model, the company was described as underfunded. Its capital constraints limited its ability to develop the value of the discoveries independently. Rocksource was subsequently delisted and acquired by Hitech Vision. Its assets and activities were combined with other Hitech companies, contributing to the formation of Var Energi. Rocksource therefore ceased to operate as an independent listed brand. Its historical significance lies in its attempt to integrate CSEM technology, exploration licensing, and mature-field reservoir management within a small Norwegian petroleum company.
History
Rocksource emerged from a collaboration between Norwegian entrepreneurs, petroleum-industry specialists, and academics associated with the University of Bergen. Jonny Hesthammer and John Howell were identified as central founders. From the outset, the company attempted to combine scientific and technological expertise with the commercial requirements of petroleum exploration. Its principal technical focus was the processing of Controlled Source Electromagnetic data. CSEM is a geophysical method that can provide information complementary to seismic interpretation, and Rocksource developed algorithms intended to incorporate that information into a broader exploration process. The company’s model was to target acreage where the technology might help distinguish more promising prospects and reduce the risk associated with exploratory drilling. Rocksource also operated beyond frontier exploration. In east Texas, it acquired older onshore oil and gas fields and sought to apply reservoir-management practices developed in the North Sea. This activity was intended to improve the performance of mature assets through more structured subsurface evaluation and field management. Consequently, Rocksource combined technology development, license-based exploration, and production-oriented redevelopment rather than relying on a single petroleum business line. The company built a portfolio of exploration acreage that it considered appropriate for CSEM-based de-risking. Its first tranche of wells was drilled in 2011. The results were uneven, including a marginal discovery in the Barents Sea. Investors reacted poorly, and the company’s share price dropped sharply. The outcome exposed the financial and commercial risks of an exploration strategy that required continued capital before its technology and acreage portfolio could generate dependable returns. In 2014, Rocksource reported the discovery of the Pil and Bue fields. These discoveries represented an important technical and exploration achievement, but they did not resolve the company’s funding problem. Rocksource was characterized as successful yet underfunded, limiting its ability to progress independently. It was subsequently delisted and acquired by Hitech Vision. Hitech combined Rocksource with other companies in its portfolio, contributing to the formation of Var Energi. Rocksource therefore became a historical predecessor rather than a continuing independent petroleum brand.
- 2014
Pil and Bue discoveries
[1]The company discovered the Pil and Bue fields, improving its exploration record while remaining financially underfunded.
- 2011
First drilling tranche
[1]Rocksource drilled its first group of exploration wells. Results were mixed and included a marginal Barents Sea discovery.
Formation as a technology-oriented petroleum company
[1]Rocksource was established by a group that included Jonny Hesthammer and John Howell of the University of Bergen, alongside Norwegian business and petroleum professionals.
Development of CSEM-processing capabilities
[1]The company developed algorithms for processing Controlled Source Electromagnetic data and positioned the technology within an integrated petroleum-exploration workflow.
Delisting and acquisition
[1]Rocksource was delisted and acquired by Hitech Vision, after which it was combined with other Hitech companies in the formation of Var Energi.
Products and positioning
A technology-oriented independent petroleum company that sought to reduce exploration risk through CSEM interpretation while also creating value from mature oil and gas fields through advanced reservoir management.
Exploration technology
CSEM data-processing technology
Rocksource developed algorithms for processing Controlled Source Electromagnetic data. The technology was intended to supplement seismic and geological interpretation by contributing additional information to the assessment of petroleum prospects. Rather than presenting CSEM as a standalone substitute for conventional exploration methods, Rocksource used it as one component of an integrated workflow for evaluating acreage and selecting drilling targets.
Oil and gas production
East Texas mature-field operations
Rocksource acquired older oil and gas fields in east Texas and attempted to improve their performance using reservoir-management practices associated with North Sea petroleum operations. The activity focused on revitalizing mature onshore assets through more systematic management of their reservoirs rather than on developing a new consumer-facing product.
Petroleum exploration assets · 2014
Pil and Bue exploration interests
The Pil and Bue discoveries were among Rocksource’s most important exploration outcomes. They demonstrated that the company could achieve material exploration success, but the available reference material indicates that Rocksource lacked sufficient funding to fully develop the value of these assets as an independent company.
Brand decisions
2014
Continue after the Pil and Bue discoveries despite funding constraintsOtherBackground
The Pil and Bue discoveries strengthened Rocksource’s exploration credentials, while the company was nevertheless described as underfunded.
Action taken
Rocksource continued as an exploration company until it was ultimately delisted and acquired rather than remaining an independent listed operator.
Aftermath
Hitech Vision purchased the company and combined it with other businesses in the group that contributed to the formation of Var Energi.
- Combine CSEM-led exploration with mature-field redevelopmentStrategy
Background
Rocksource sought to distinguish itself from a conventional license-focused explorer by pairing proprietary CSEM interpretation with ownership and redevelopment of older east Texas oil and gas fields.
Action taken
The company developed CSEM-processing algorithms, assembled exploration acreage suitable for their use, and applied North Sea-style reservoir-management techniques to mature onshore fields.
Aftermath
The strategy created exposure to both exploration upside and producing assets, but the company remained dependent on exploration success and external capital.
Recent events
- 2014
Pil and Bue discoveries improve Rocksource’s exploration outlook[1]
Other
Rocksource announced the discovery of the Pil and Bue fields. The result demonstrated exploration success, but the company remained constrained by inadequate funding.
- 2011
Rocksource begins drilling its first tranche of wells[1]
Product generation · Other
Rocksource drilled its first group of wells in an exploration program built around acreage considered suitable for CSEM-assisted de-risking. The results were mixed and included a marginal Barents Sea discovery.
- 2011
Mixed exploration results pressure investor confidence[1]
Other
The initial drilling results were viewed negatively by investors, contributing to a sharp decline in Rocksource’s share price.
Rocksource is delisted and acquired by Hitech Vision[1]
M&A · Leadership change
Rocksource was delisted and purchased by Hitech Vision. Its activities were combined with other Hitech companies in the process that led to the creation of Var Energi.
Sources1 sources
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