Fox Petroleum has signed a Farm-in Agreement with Granby Oil and Gas plc and Atlantic Petroleum as a co-venturer in this license, having received approval from the Secretary of State for BERR (formerly DTI) in the UK. As part of the agreement, Fox Petroleum maintains the option to increase its stake from 33.33% up to 60% after completion and appraisal of seismic data.
About the Anglesey Prospect
The Anglesey Prospect is situated in the North Sea on the west flank of the Witch Ground Graben, an extensive basin trending from the Northwest to the Southeast and lying between the Moray Firth and Viking Graben. It is located approximately 12 miles north of the 639 million barrel Claymore Field, operated by Talisman Energy, who has also operate block 14/14a where oil has been discovered immediately south of Fox's P.1211 License.
TRACS International Ltd were engaged to prepare a competent person's report on the Anglesey Prospect. In April of 2007, the report estimated that the Anglesey Prospect could represent total potential reserves of up to 234 million barrels of recoverable oil. At $60 per barrel, Fox's 33.33% interest could potentially amount to approximately $4.68 billion.
As per our joint venture agreement, we have recently completed the acquisition of seismic data on the areas of interest in the license. Fugro, one of the world's leading geophysical consulting companies in the oil and gas sector, is currently processing this data. We anticipate a 60-day processing period. Pending final analysis of all relevant data, Fox expects to be able to define a drilling location in the third quarter of 2007, and commence drilling in the second half of 2008.
Richard Moore, CEO of Fox Petroleum states, "We are very pleased and excited to complete this agreement with Granby Oil and Gas and Atlantic Petroleum. The Anglesey Prospect is a high impact project that lies within a prolific trend of viable oil and gas discoveries. We look forward to completing the seismic analysis and defining drill targets for exploration and development."
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