Fox Petroleum Inc. has provided a progress update to highlight the operational advancements that have been made on the Catcher's Mitt prospect in anticipation of drilling activities. The Catcher's Mitt prospect is Fox's primary focus in Alaska for first quarter 2008.
A number of key technical advancements have been achieved in our quest to have the prospect drill ready this season. The recent acquisition of geophysical data has substantially improved our understanding of the prospect and how best to optimize its development.
Fox Petroleum has put into place a four-stage development program, which will allow the company to obtain critical advancements needed in order to begin drilling.
Stage one was the purchase of a magnetic airborne survey over the area. The survey was carried out by Fugro Airborne Surveys Corp, and covers approximately 1,869 line miles. This data is now with Fox and is being analyzed by Pearson Technology in order to optimize our understanding of where potential reservoirs are best defined thus enhancing our choice of drilling locations.
Stage two was Fox's acquisition of a detailed gravity survey from PGC, which should provide in depth data regarding the structures and formations on the leases.
Stage three of the work program involves the re-interpretation of original and offset well logs. Fox's Geologists, working from both the UK and the United States, are working with data originally collected from test wells that were initiated in the early stages of the prospect's exploration. This information, which is being reworked using the latest available technology, further improves our ability to decide upon exact zones and targets for drilling and producing hydrocarbons.
Stage four of the Catcher's Mitt development program is the purchase of the best available seismic data on the leases. This data was acquired by companies such as Chevron, AMOCO and Shell. Fox is targeting 12-15 lines of seismic data over the prospect, and to ensure quality control, Fox Petroleum are currently inspecting the data and will be confirming the purchase of the best of the data as soon as the geophysicists have completed their quality assurance analysis.
Completion of the program is expected by the first week in February 2008 thus facilitating a final report later in February which will fully reflect the project's potential, including firm reserve estimates as well as defined prospective drilling locations.
Fox's CEO and Director, Richard Moore commented on the achievements stating: "We are convinced that once we are able to determine reserve estimates and the identification of drilling locations, we will have created an environment that will attract partners or leading end gas users into the Fox Cook Inlet projects and establish Fox as a leading gas supplier in an area which is currently gas deficient."
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