Genesis Petroleum Corporation Plc announces 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.”