Fox Petroleum Inc. has completed a license application to become the designated "Exploration Operator" for an onshore UK license. This license application includes 4 blocks which are located in the southeastern region of the United Kingdom. Fox's bid includes a work program comprising a new seismic survey (Estimated cost $500,000) with a follow up "Drill or Drop" exploration drilling program within a 3-year period.
Fox intend to operate the license but will outsource the drilling and sub surface management. Fox will retain control and direction of all activities on the exploration acreage.
Planning and execution of this operational activity will be conducted by the Fox Management and Advisory board. As part of its strategy Fox intends to engage a qualified contractor to provide license operations management, drilling and development expertise, and guidance on environmental regulations and health and safety matters.
Alex Craven, Vice President, Finance noted, "If awarded this exploration acreage we would be very pleased as it continues to show our commitment to highly prolific prospects in a stable environment - the core strategy of the company. These four blocks are located in historically proven hydrocarbon producing areas, and the license would complement our existing UK Licenses and further increase Fox's position as an exploration company in the region. Furthermore, onshore drilling will have distinct financial advantages over offshore drilling in these times of inflated rig rates."
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