Fox Petroleum Inc and partner Aimwell Energy have secured four 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.
“We are pleased to add another exciting prospect to our company’s portfolio," said Richard Moore, CEO of Fox. "The potential for these four blocks has both Fox and its partner Aimwell eager to initiate development. Our positioning is in good company with large market-cap companies neighboring our new prospects while we believe our blocks are ideally located for future production.”
"Both Fox and Aimwell are very excited about the potential of these blocks," commented Bob Frost, Aimwell's Technical Director. "They are located on the northern edge of the hydrocarbon prolific Weald Basin, where there is scope for much larger hydrocarbon accumulations than are typically encountered. The lack of plentiful reservoir rocks has often restricted the size of hydrocarbon accumulations within the main Weald Basin. However, our investigations point to a faulted northern margin to this basin where our blocks are located. Similar to the North Sea and many other basins, these faults are frequently associated with the development of much thicker reservoir rocks and in addition are ideally located to encounter migrating oil generated from within the deeper parts of the Weald basin."
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