Based on geological assessments of property acreage, the Geological Advisor has identified numerous areas of interest. As a result, Fox is currently in the advanced stages of the contract placement process for the acquisition of additional seismic data. Once this data is acquired, it will be analyzed alongside the existing portfolio of geophysical surveys and well drilling and testing activities that have already taken place in or around the leases. Fox anticipates having all of the necessary seismic data within the next 60 days.
Fox is also considering the use of Electromagnetic and Gravity Survey processes to further assist in defining the structures with the greatest potential for commercial hydrocarbons on the lease acreage. Fox would use Electromagnetic(EM) and Gravity Survey processes over prospects identified by seismic surveys as containing the right kind of rock structures for the accumulation of hydrocarbons. EM provides an independent measurement of the potential for hydrocarbons and could be used to select the prospects with greatest chance of success. The use of EM is appropriate to the region, as it is proven to work well in regions with permafrost, as is the case with the Fox leases.
Development plans post appraisal
Once the hydrocarbon potential of the Fox assets have been assessed, and test well targets defined, Fox will move to develop them in a timely and efficient manner. It is anticipated that Fox will have completed the appraisal program within the calendar year, allowing for well development in early 2008.
"We are very excited to have our project underway in Alaska, and feel we are now in line with our targets to drill in the 2nd Quarter of 2008. We have strong confidence in the hydrocarbon prospectively of our leases, and expect to prove up the potential of our sites. It feels good to be joining the likes of BP, Chevron and ExxonMobil exploring the United States' last energy frontier - Alaska." Said Fox Petroleum's CEO, Richard Moore.
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