Executive Summary
Genesis Petroleum Corporation Plc (formerly Zari Resources plc) was formed in November 2003 to develop oil and gas exploration and production opportunities with an initial focus on the North Sea, West Africa and Brazil. The opportunity to form the business arose from a non-exclusive licence providing access to 50,000 square kilometres of 3D seismic data. Since its formation, Genesis has developed 13 exploration project opportunities based on the Database and has selected a number of initial projects for implementation. The first project is in the UK North Sea where Genesis was awarded a licence to Block 9/10c by the UK Government's Department of Trade and Industry (the \DTI\) in September 2004. Genesis anticipates drilling an exploration well in Block 9/10c during the next six months. In the 23rd Oil and Gas Licensing Round, the results of which were announced by the DTI on 7 September 2005, Genesis was conditionally awarded three additional blocks in the North Sea. The fifth project is offshore West Africa, where Genesis has applied for a licence in relation to acreage over a discovery in shallow water. The sixth project is offshore Brazil where the Company intends to seek acreage positions during the first half of 2006. Genesis is also evaluating opportunities, not associated with the Database, to farm into acreage onshore in the Middle East and former Soviet Union.
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