Genesis Petroleum Corporation PLC

Formerly known as Zari Resources PLC, the company's principal activity is making investments in the mining and minerals sector.


Stock price 10 Feb 06 1.70
Recent stock performance
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Genesis Petroleum - Award of Licences

RNS Number:5888X
Genesis Petroleum Corporation PLC
01 June 2007

Genesis Petroleum Corporation Plc
('Genesis' or 'the Company')

Award of Production Licences to Norwegian Joint Venture

Genesis announces today that Genesis Petroleum Norway AS ('Genesis Norway'), a
Norwegian Joint venture which is owned equally by Genesis and Petroleum
Geo-Services, has been awarded interests in two Production Licences offshore
Norway, by the Ministry of Petroleum and Energy.


Genesis Norway's participation is as follows:

Block 33/12 (Part) Genesis Norway 25%
Maersk 35%
Wintershall (Operator) 40%


Blocks 34/8, 9, 11 (parts) Genesis Norway 20%
Maersk 20%
Wintershall 20%
Nexen (Operator) 40%


The first Licence covers Block 33/12 which lies adjacent to the UK / Norway
median line and extends to approximately 128 square kilometres. It is south east
and adjacent to the Statfjord oilfield and approximately eight kilometres east
of the Brent oilfield. Analysis by Genesis Norway of existing 3D data shows
prospectivity in the Upper Jurassic level. More work by the partners in the
block will be necessary before any drilling commitment.

The second Licence covers Blocks 34/8, 9, 11 (parts) and includes the 34/8-7 gas
discovery and extends to approximately 246 square kilometres. It is located
approximately five kilometres south of the Visund oil field and eight kilometres
north of the Kvitebjorn gas field. Discovery well 34/8-7 was drilled by Norsk
Hydro in 1992 and encountered gas at the Middle and Lower Jurassic levels but
the discovery was never developed. Genesis Norway believes the Licence also
holds additional potential and with its partners will undertake new seismic
acquisition before drilling decisions are made.


Michael Haagaard, Managing Director of Genesis Norway, commented:

'These awards are an endorsement of our strategy to create strong partnerships
and acquire attractive acreage positions where we have extensive technical
experience. It's also a good demonstration to our shareholders and staff that we
have a successful formula on which to build value.'

what is it today,up a bit,any views.

End of the road yet another small oily bites the dust!