Genesis Forms New Exploration Company

Genesis Petroleum Corporation has formed a new company called Genesis Petroleum Europe Limited which will explore for oil and gas with an initial focus on North West Europe.

To optimally position the new company, Genesis Petroleum Corporation Plc has entered into an equity deal with Petroleum Geo-Services. Through this agreement, Genesis Europe will have access to selected seismic data from PGS' NW Europe Multi Client Library. In return PGS will initially receive 50 percent of the shares in the new company, with the intention of being diluted when new capital is needed to be invested in Genesis Europe.

Genesis Europe plans to pre-qualify for license applications on the Norwegian Continental Shelf and participate in future License Rounds. Genesis Europe will also look at opportunities in the UK 24th Seaward Licensing Round, currently in progress.

Commenting on the new venture, Gerry Harrison (Genesis' CEO) said: "Excellent opportunities for successful exploration exist in this region. We intend to equip Genesis Europe with the people and the sub-surface information required for success."