Genesis Petroleum Corporation Plc has announced its interim results for the six month period ended June 30, 2008.
Gerry Harrison, Chairman, commented, "The first half of this year has seen the Company awarded three new licenses offshore Norway which has doubled Genesis' recoverable resource estimate. The Company now has 5 licenses offshore UK and 5 offshore Norway. Work commitments on all licences are on schedule and this includes the commencement of additional seismic work on 4 of the Norwegian licenses.
"Genesis has submitted applications for additional exploration acreage under the UK 25th Round and will also apply under the Norwegian APA 2008 Round and the Norwegian 20th Round. Awards for the UK 25th Round and the APA 2008 Round are due at the end of the year and in Q1 2009 for the Norwegian 20th Round. We intend to continue building our portfolio selectively through new applications and farm-in activity.
"Genesis is now approved as a UK Operator and will drill its first operated well on UK Block 9/5b during the third quarter, with operations commencing shortly. The well will test two partially overlapping structures which are potentially hydrocarbon bearing, with results due in late September 2008. Drilling decisions on several other licenses will be made before the year-end as the Company continues to build operational momentum."
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