Genesis Announces Offshore Norway License Awards

Genesis Petroleum Corp. Plc on Friday said that Norway's Ministry of Petroleum and Energy has awarded Genesis Petroleum Norway AS, a Norwegian joint venture that it owns equally with Petroleum Geo-Services, interests in two offshore production licenses.

The first license covers Block 33/12, which lies adjacent to the UK / Norway median line and extends to approximately 128 square kilometers. It is southeast and adjacent to the Statfjord oilfield and approximately eight kilometers east of the Brent oilfield. Analysis by Genesis Norway of existing 3D data shows prospectivity in the Upper Jurassic level. More work by the partners in the block will be necessary before any drilling commitment.

The second license covers Blocks 34/8, 9, 11 (parts) and includes the 34/8-7 gas discovery and extends to approximately 246 square kilometers. It is located approximately five kilometers south of the Visund oil field and eight kilometers north of the Kvitebjorn gas field. Discovery well 34/8-7 was drilled by Norsk Hydro in 1992 and encountered gas at the Middle and Lower Jurassic levels but the discovery was never developed. Genesis Norway believes the license also holds additional potential and with its partners will undertake new seismic acquisition before drilling decisions are made.

Genesis Norway's participation is as follows:

Block 33/12 (part)

  • Genesis Norway, 25%
  • Maersk, 35%
  • Wintershall (operator), 40%

Blocks 34/8, 9, 11 (parts)

  • Genesis Norway, 20%
  • Maersk, 20%
  • Wintershall, 20%
  • Nexen (operator), 40%

"These awards are an endorsement of our strategy to create strong partnerships and acquire attractive acreage positions where we have extensive technical experience," said Michael Haagaard, Genesis Norway's managing director. "It's also a good demonstration to our shareholders and staff that we have a successful formula on which to build value."

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