Genesis says that the exploration well being drilled on UK Block 9/5b did not encounter hydrocarbons in either of the two projected reservoir levels and the Sedco 704 will now plug and abandoned the well as a dry hole. Genesis has an 80% license interest in the Block with Sagex Petroleum UK Ltd holding the remaining 20%.
Speaking for Genesis, Gerry Harrison, Chief Executive, said, "We are obviously disappointed in the result of our first well. However, we have an excellent portfolio of prospects both in the UK and Norway and our efforts will now be focused on maximizing shareholder value from these assets. We currently estimate that the net unrisked recoverable resources related to our exploration portfolio exceed 1 billion barrels of oil equivalent and our participation in the current UK and Norwegian licensing rounds may add to the portfolio. We will continue to plan our future drilling program, together with our partners, over the next few months with the intention of unlocking value as soon as practicable."
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