Genesis and ffA Strike Software Development, Licensing Deal

Genesis Petroleum Norway AS, a Norwegian joint venture owned equally by Genesis Petroleum PLC and Petroleum Geo-Services (PGS), has entered into a development and license agreement with Foster Findlay Associates Ltd (ffA), a leading provider of 3D seismic image processing technology for the oil and gas industry. The agreement encompasses contribution to the development and application of the volume-based seismic interpretation and imaging technology, SVI Pro.

Speaking for Genesis Norway, Paul Spencer, Chief Geologist commented:

"This collaboration is extremely exciting for us. We see SVI Pro as a vital link in our workflows and will contribute to many aspects of our value chain. The cooperation with ffA will allow us to remain at the forefront of emerging technology and to screen large amounts of 3D seismic data quickly, dynamically and effectively. The full integration of this software into our technical portfolio will allow us to focus our energy and technical competence on exciting and under-explored play fairways and utilize our unique access to the most extensive seismic database in North West Europe to the utmost."

Speaking for ffA, Jonathan Henderson, Managing Director, commented:

"As a new and dynamic company that is committed to excellence, Genesis Norway is a great Development Partner for ffA. Genesis Norway recognises the difference that ffA's SVI Pro software can make to its exploration program and we are delighted to be working with them."