Genesis confirmed the award of Frontier License P1639 in relation the UK 25th Seaward Licensing Round. The License which comprises 9 blocks and extends to 1757 Km2 has now been awarded to the Company's subsidiary Genesis Exploration & Production Ltd. (which will act as Operator), on a 100% basis.
In Norway, all formalities have now been completed in respect of the NOCS Blocks 6201/11 & 12. This award is adjacent to the P1639 UK acreage and contains an oil and gas discovery. The Company and its partners have committed to drill a well within three years on this Norwegian License.
The Company's other provisional award in the UK 25th Licensing Round relating to UKCS Block 9/9d has been incorporated into the existing adjacent UKCS 9/9e (P1410) License already held by Genesis and Lundin.
As a result of these confirmed awards, Genesis now holds interests in 6 UK and 6 Norwegian Licenses.
Commenting on the awards, Michael Haagaard, Chief Operating Officer said, "I am very pleased with confirmation of these awards which give the Company its third operatorship in the UK and bring clarity to our 25th Round applications. The new operatorship together with the adjacent Norwegian license is of significant strategic importance and will add new play concepts with significant potential to an already exciting project portfolio."
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