Genesis-PGS JV Seeks Norwegian Licenses

Genesis Petroleum Corp. Plc on Thursday said that the Norwegian joint venture that it owns equally with Petroleum Geo-Services, Genesis Petroleum Norway AS (Genesis Norway), has pending applications for interests in production licenses offshore Norway.

The Norwegian Ministry of Petroleum and Energy on Monday announced the award of 48 production licenses and further advised that up to 10 additional licenses could be offered during the first six months of 2007, subject to the satisfactory resolution of issues concerning the organization of certain companies that had applied.

Genesis Norway's applications, as part of a group of companies, are included in the 10 potential additional licenses. The company pre-qualified as a Licensee with the ministry earlier this month.

Speaking for Genesis Norway, Michael Haagaard, Managing Director, commented, "We are optimistic that the issues referred to by the Ministry can be resolved, and that Genesis Norway can be awarded an interest in Production Licenses, falling in this category. We will work closely with all parties to achieve a positive conclusion."

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