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Sagex takes 20% stake in Genesis licence
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Date: Wednesday 27 Aug 2008
LONDON (ShareCast) - North Sea-focused oil and gas company Genesis Petroleum has secured a partner for the development of its UKCS Block 9/5b.
Sagex Petroleum UK has agreed to take a 20% stake in the P1281 licence relating to UKCS Block 9/5b. Geneis will retain the remaining 80% and will remain as operator of the field.
Drilling operations on the Block 9/5b exploration well are in progress. The well will test two potential hydrocarbon accumulations with final target depth expected to be reached within 30 days.
In addition to funding its 20% interest in the block Sagex will also carry a percentage of Genesis' costs in the well and pay certain historical costs.
Genesis said other companies have expressed interest in farm-in arrangements for the block. If none of these expressions of interest come to fruition by 6 September, Sagex has the option to increase its option up to a half-share.