Genesis has been awarded interests in two licenses in the UK 25th Seaward Licensing Round. The Licenses which comprise 11 blocks were awarded to the Company's subsidiary Genesis Exploration & Production Ltd., and Lundin Heather Ltd., ("Lundin Petroleum"). The awards were as follows:
Block Company Interest
- 9/9d: Genesis 40%, Lundin Petroleum 60% and Operator
- 210/3,4,5,8,9 & 10) Genesis 50%
- 219/29 & 30 ) Lundin Petroleum 50% and Operator
- 220/26 )
Commenting on the awards, Michael Haagaard, Chief Operating Officer said, "These awards are great news and of significant strategic importance to Genesis. Not only will they add new play concepts to an already exciting project portfolio but also increase the Company's net un-risked recoverable resources significantly.
"We look forward to unlocking the potential in the awarded blocks together with our partner and creating value for our shareholders."