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13/11/2008
Government Approves Oil And Gas Exploration
The government has granted seven North Sea exploration licences to allow three major energy companies hunt for oil and gas.
Genesis Petroleum Corp, Faroe Petroleum and Stratic Energy Corp were awarded permission under the UK 25th Licensing Round by the newly created Department of Energy and Climate Change.
Two licences, one west of Shetland and one in the Southern Gas basin were won by Faroe and its partners.
Faroe has a 30% interest in the West of Shetland Frontier Licence and a 20% stake in the Southern Gas Basin Traditional Licence.
Genesis subsidiary Genesis Exploration & Production Ltd, along with its partner Lundin Petroleum, has been awarded interests in two licences comprising 11 blocks.
Stratic Energy was awarded three blocks in the Southern Gas Basin and in the Central North Sea.
Yesterday, Genesis shares were up 2.6% at 20 pence, while Faroe shares were down 5.7% at 75 pence.
Stratic shares remained untraded, after closing at 14.5 pence.
(PR/JM)
Genesis Petroleum Corp, Faroe Petroleum and Stratic Energy Corp were awarded permission under the UK 25th Licensing Round by the newly created Department of Energy and Climate Change.
Two licences, one west of Shetland and one in the Southern Gas basin were won by Faroe and its partners.
Faroe has a 30% interest in the West of Shetland Frontier Licence and a 20% stake in the Southern Gas Basin Traditional Licence.
Genesis subsidiary Genesis Exploration & Production Ltd, along with its partner Lundin Petroleum, has been awarded interests in two licences comprising 11 blocks.
Stratic Energy was awarded three blocks in the Southern Gas Basin and in the Central North Sea.
Yesterday, Genesis shares were up 2.6% at 20 pence, while Faroe shares were down 5.7% at 75 pence.
Stratic shares remained untraded, after closing at 14.5 pence.
(PR/JM)
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