Genesis Norway Wins Nod to Participate in Licensing Rounds

Genesis Petroleum Corp. plc on Monday said that Genesis Petroleum Norway AS (Genesis Norway), a Norwegian joint venture that is owned equally by Genesis and Petroleum Geo-Services, has prequalified as a Licensee with the Norwegian Ministry of Petroleum and Energy.

Genesis Norway is believed to be only the third company with an AIM-listed parent to prequalify as a Licensee, offshore Norway.

Prequalification as a Licensee signifies that Genesis is able to meet all the criteria specified by the Norwegian Authorities, including technical competence in the fields of geology, geophysics, reservoir and production technology and HSE management. Genesis Norway will now be able to participate in Licensing Rounds, including the current APA Round.

Speaking for Genesis Norway, Michael Haagaard, Managing Director said:

"This is excellent news for Genesis Norway as we can see significant exploration and development opportunities. The pre-qualification provides the company with an essential endorsement to grow our business in Norway. We see the Norwegian Offshore as less mature than the UK Sector and therefore representing an attractive environment for us, particularly as we already have access to a large 3D seismic database. We have an excellent team of people and expect to deliver results quickly."

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