Genesis to drill first UK exploration well

Genesis intends to drill its first exploration well on UK block 9/5b during 3Q 2008.

Offshore staff

LONDON -- Genesis intends to drill its first exploration well on UK block 9/5b during 3Q 2008. Genesis operates the block with a 100% working interest. The company has contracted AGR Peak Well Management to undertake a complete well services project including the provision of the semisubmersible Sedco 704.

"We have a number of prospects, both in the UK and Norway, which we intend to drill in the future," says Michael Haagaard, COO for Genesis. "UK block 9/5b was selected as Genesis' first target because we are satisfied with our risk assessment on the block. The positive response of the electromagnetic profile cannot be regarded as conclusive but it certainly correlates very well with our other geo-technical models outlining the potential hydrocarbon accumulation to be tested by the well. This is a very exciting project."

04/08/2008

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