Capex Data
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Future Plans
During 2008, Genesis wish to participate in the drilling of at least two exploration wells. Whilst they now have the necessary licenses, expertise, partners and cash, the company remain dependent on the availability of suitable drilling rigs and contractors. Currently, subject to contract, Genesis believe the Group’s first well will be drilled during the third quarter of 2008. In parallel with drilling commitments, Genesis will continue to develop the license portfolio to achieve a balance of interests in acreage in mature areas and also frontier areas with potentially higher rewards. This entails additional technical work to adequately assess risk, looking for opportunities to farm down interests in current licenses as well as opportunities to farm in to third party exploration acreage. The company will maintain a strong focus in the UK and Norway, the latter offering particularly attractive fiscal terms for qualified exploration companies, such as Genesis Norway. Genesis will also continue to assess new international opportunities.