Offshore staff

OSLO, Norway --Aker Capital and Petroleum Geoservices each are buying 25 million new shares in UK-based exploration company Genesis Petroleum.

This will give both companies a 24.36% stake in the company; in return, Genesis will receive $20.06 million in funds to finance its working capital and exploration costs. It will also allow Genesis to meet its drilling commitments on licensed acreage, probably including permits offshore Norway. Drilling decisions are due over the next few months.

Genesis' chief executive Gerry Harrison added that that the new shareholders would provide additional expertise in geophysical operations, reservoir modeling, drilling and production techniques.

4/17/2007