Genesis Secures Semisub, Kicks Off Drilling Ops in UKCS Block 9/5b

Genesis announced that the SEDCO 704 semisubmersible drilling rig has arrived on site in UKCS Block 9/5b and has commenced operations. The well will test two potential hydrocarbon accumulations with final target depth expected to be reached within 30 days.

Genesis currently has a 100% interest in the Block License and is Operator. The Company is evaluating offers to farm-in to the License and one or more of these could be finalized, subject to Government approval, before completion of drilling operations.

The Company has contracted AGR Peak Well Management to undertake the complete well services project including the provision of the drilling rig.

Speaking for Genesis, Gerry Harrison, Chief Executive, said, "We are very pleased to be the Operator on our first well and excited about the potential hydrocarbon accumulations. Although the Genesis team has been particularly focused on the 9/5b project, the Company has also been working on a number of other prospects both in the UK and Norway that we intend to drill in the future. We have an excellent portfolio and very competent partners and expect to announce additional drilling plans during the next quarter."

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