Genesis Doubles Recoverable Resource Estimates in Q2
Genesis Petroleum Corporation Plc has announced its interim results for the six month period ended June 30, 2008.
- Sedco 704 rig secured to drill first well in August 2008 on Block 9/5b (100% Genesis).
- Awarded interests in three new licenses offshore Norway.
- Recoverable resource estimates almost doubled from 550 mmboe to 1080 mmboe.
- Seismic acquisition commenced on four Norwegian licenses.
- Cash balance of £15.7 million at the end of the period.
- PGS Loan Note of £575,000 converted to equity.
- The Group made a loss before tax of £1.3 million during the period and a profit after tax of £0.7 million.
- Debt facility in place to bridge Norwegian tax funding.
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."
- Genesis Picks Up UK North Sea, Norwegian Blocks (Jun 15)
- Genesis Scoops Up Production License Offshore Norway (May 01)
- Genesis Grabs Interests in 2 UK North Sea Licenses (Nov 13)