Fox awarded 4 UK onshore blocks

Fox Petroleum Inc. along with partner Aimwell Energy are pleased to announce the securing of four (4) 10km x 10km UK onshore license blocks in the south of England. The Petroleum Exploration and Development Licenses awarded give Fox onshore Petroleum Operator status within the UK.

Made available by the government of the United Kingdom, the blocks totaling 400 km sq were awarded to Fox and its partner in the latest round of onshore licensing. Fox retains a 90% interest in the four 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 60 km of 2D seismic (estimated cost $500,000) within the 6-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.

The blocks are located 8km to the north of the sizeable Palmers Wood oilfield and only 2km north of the Warlingham borehole, which had numerous indications of oil and gas. Planning is already underway to secure a small-scale seismic survey for the purpose of unlocking the blocks’ potential. It is hoped that drilling might take place soon afterwards.

Source : http://www.foxpetro.com/