Made available by the UK government, the blocks totaling 400 square kilometers were awarded to Fox and its partner in the latest round of onshore licensing. Fox retains a 90% interest in the four 10km x 10km blocks, with Aimwell having 10%.
Along with Fox and Aimwell, other companies awarded blocks through the bidding rounds included British Gas, Marathon Oil, Nexen Energy and Centrica.
In return for the license, Fox will have to shoot 60km of 2D seismic at an
estimated cost of $500,000 within the six-year term of the license. Interpretation and analysis of the seismic data acquired will help further define the prospect, with the option to drill a well afterwards, or simply relinquish the license.
Richard Moore, CEO of Fox Petroleum, said: We are pleased to add another exciting prospect to our company’s portfolio. The potential for these four blocks has both Fox and its partner Aimwell eager to initiate development.
