Error Message: "Warning: this application has not been initialized with an ESRI license and will not function correctly"

Problem/Symptom:
Trying to create a new MXD in Oasis Montaj/Target v7.0, but I get the error: "Warning: this application has not been initialized with an ESRI license and will not function correctly".

Environment:
This resolution only applies to version 7.0 of Oasis Montaj and Target.

Resolution:
Update your Geosoft license. Go to File > License > Update (or Start > All Programs > Geosoft > Oasis Montaj (or Target) > License > Update). Then close and re-open the program and you should then be able to create MXDs.
If this fails, park your license and repair the installation using Control Panels > Add/Remove Programs. Click on Geosoft Oasis Montaj (or Geosoft Target) > Change > Repair > Install.
If this fails, please uninstall-reinstall the software.
- To do this, park your license first.
- Uninstall using Add/Remove Programs.
- Delete the entire C:\Program Files\Geosoft\Oasis Montaj (or Target) directory.
- Place the v7.0 CD back onto your computer and let the Autorun re-install v7.0. If you do not have Autorun, Explore the CD and run setup.exe.
- Once v7.0 is re-installed (it won't take as long this time as it did the first time), setup your license and you should be able to create MXDs.

Root Cause:
The ArcEngine license is not tied to an individual license. This error can likely happen if a user had (or has) two versions of 7.0 Geosoft (e.g. Target and Oasis montaj) installed and licensed at the same time. This may include Beta versions, or versions installed at different times (e.g. you had Oasis Montaj v7.0 installed, then uninstalled that and installed Target v7.0). When one of these licenses is parked the ArcEngine license will be removed. A simple matter to get going again is to just run License > Update on the still-licensed version of Geosoft, and this should reinstall the ArcEngine license.