Seismic data is the primary tool used by oil and gas companies in the search for hydrocarbons. 3D seismic data can be interpreted to generate a three-dimensional model of the earth's sub-surface which is then used to determine the likelihood of oil and gas deposits and the optimum drilling location for their exploitation.
The Company believes that access to the data on the terms agreed and review by Genesis technical staff will give it a significant advantage exploring for oil and gas in the region. Genesis believes that its technical review of data over specific areas, at minimal initial cost, will enable it to be technically more objective and focused in its selection of, and application for, offshore acreage in the region. The Company also believes the agreement will allow it to have better informed discussions with other oil companies about potential joint ventures and farm-in arrangements, without the usual expense of acquiring seismic data.
Speaking for Genesis, Gerry Harrison (CEO) said:
In addition, this agreement gives us the dual advantage of both reduced cost as we only incur significant fees when we win acreage as well as a reduced time to drilling since a significant amount of the technical work will have already been done. We have already demonstrated the benefits of this type of agreement by winning five Blocks in the North Sea and forming partnerships with Lundin Petroleum and ConocoPhillips. This latest agreement allows us further opportunity to selectively win good acreage and form strong partnerships."
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