Genesis Norway Awarded 3 Production Licenses Offshore Norway

Genesis announced that Genesis Petroleum Norway AS, a 100% subsidiary of Genesis, has been awarded interests in three production licenses offshore Norway, by the Ministry of Petroleum and Energy in relation to the APA 2007 Licensing Round.

Genesis Norway's participation is as follows. In Blocks 26/2 & 31/11: Genesis Norway, 15%; Wintershall, 15%; Petoro, 20%; StatoilHydro (Operator),50%. In Blocks 6609/8,9,10 & 11 (parts) Above Base Cretaceous: Genesis Norway, 30%; Lundin, 30%; E.ON Ruhrgas (Operator), 40%. In Blocks 6609/8 & 9 (parts) Below Base Cretaceous: Genesis Norway, 20%; Lundin, 20%; Petoro, 20%; E.ON Ruhrgas (Operator), 40%.

The first license covers all of Blocks 26/2 & 31/11 and extends to approximately 1030 square kilometers. It is located approximately 75 kilometers SSW of the giant Troll oil & gas field and 75 kilometers SE of the Oseberg oil field. Analysis by Genesis Norway of existing 2D data shows prospectivity in the Middle Jurassic, Lower Jurassic and Upper Triassic geological sequences. The operating group will undertake new seismic acquisition before any drilling decisions are made.

The second license covers Blocks 6609/8,9,10 & 11 (parts) and extends to approximately 630 square kilometers. It is located approximately 80 kilometers NE of the Norne oil field. Analysis by Genesis Norway of existing 2D and 3D data shows prospectivity in the Tertiary geological sequence. New seismic data will be acquired before any drilling decisions are made.

The third license covers Blocks 6609/8 & 9 (parts) and extends to approximately 330 square kilometers. It is located approximately 80 kilometers NE of the Norne oil field. Analysis by Genesis Norway of existing 2D and 3D data shows prospectivity in the Middle Jurassic geological sequence. Partners will undertake new seismic acquisition before any drilling decisions are made.

"The potential of these awards is very significant as they more than double the Group's unrisked recoverable resources," Michael Haagaard, managing director of Genesis Norway, commented. "Whilst we continue to develop exploration opportunities with Lundin and Wintershall, we are also delighted to be partners, for the first time, with E.ON Ruhrgas, Petoro and Statoil Hydro. We have an excellent technical team, access to a library of 3D seismic data and the ability to utilize the latest geophysical techniques. This has allowed us to selectively apply for licenses offshore Norway, an area which has been identified by our Board as being strategically important."

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