Speaking for the Company, Gerry Harrison, Chief Executive, said, "Together with our partner, Lundin, we have completed extensive technical work on the Block which indicates the likelihood of a commercial discovery is lower than our initial prospect analysis indicated. Compared to several other exciting opportunities within our existing and anticipated portfolio, the risks associated with a well are too high to proceed."
Genesis also operates Block 9/5b (100%) and participates (17.5%) with both ConocoPhillips and Lundin on Blocks 9/14c and 9/15c and 40% with Lundin, only, on Block 211/28b. The Company is awaiting the results of applications under the current UK 24th Round and has also applied to be pre-qualified as a Licensee in Norway. Pre-qualification in Norway would ensure participation in the current Norwegian APA Round, with awards due in January 2007.
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