Bayerngas Norge AS has offered to acquire the entire issued share capital of Genesis Petroleum Corporation PLC.

Genesis was formed in November 2003 to develop exploration and production opportunities with an initial focus on the North Sea. The company is listed on the London Stock Exchange AIM. Company focus has been to grow shareholder value by acquiring and developing undervalued oil and gas assets. Genesis’ business activity is mainly located in the UK and Norway and the company is active in 6 exploration licenses in Norway and 6 in the UK.

Genesis is an attractive company with a highly qualified and competent team and an interesting portfolio of exploration licences in both the UK and Norway. Subject to completion of this transaction, Bayerngas intends to provide the resources to develop Genesis’ existing activities, working with Genesis’ licencing partners where appropriate, and to expand Genesis’ interests through licensing rounds, farm-ins and by acquiring additional licences in the North Sea.”

The acquisition of Genesis represents an important step in the strategy of Bayerngas Norge to increase the resource basis, capacity and competence.

This offer will, if accepted by the existing Genesis shareholders, strengthen the Bayerngas Norge foothold in Norway and represents a desirable strategic opportunity to expand our activities into the UK Continental Shelf with a strong technical team, says Arne Westeng, Managing Director, Bayerngas Norge.

The acquisition requires the approval of the Genesis shareholders and necessary mandatory UK legal process.

Tags: Bayerngas Norge AS, Genesis Petroleum Corporation PLC.