Rocksource ASA confirmed that the Norwegian Ministry of Petroleum and Energy has approved the asset transaction with Valiant Petroleum.

The asset transaction with Valiant includes sale of a 13% interest in the Barents Sea Norvarg discovery, leaving a 7% interest with Rocksource, and an average reduction of about 50% in the company's equity stakes in a further 12 exploration licenses.

Valiant will pay $9.8 million in cash and will cover $32.9 million in exploration costs on Rocksource's remaining license interests on the Norwegian continental shelf.