Seismic Data Reveals 'Most Profitable Project' in North Sea

Fox Petroleum announced an update on the seismic data analysis of the Anglesey Prospect located in the Central North Sea License P.1211 Blocks 14/9a and 14/14b, off the east coast of the United Kingdom. The data which is being analyzed comes from the Fox Petroleum commissioned offshore seismic survey, and has provided a clearer portrait of the opportunity that is presented in the Anglesey Prospect.

The data was collected by Fugro, one of the world leaders in seismic surveys and data acquisition. Using advanced technology, it will provide more detailed information so that the company can move forward with a drilling program for the coming drilling season in 2008. Having spent more then $2 million on seismic data in the North Sea, Fox Petroleum has an opportunity to move ahead with more confidence that hydrocarbons may be present in a commercial volume.

The Claymore field, which is operated by Talisman Energy, has estimated reserves of more then 630 million barrels of oil and is located approximately 12 miles south of the Anglesey Prospect. The seismic interpretation suggests that the Claymore hydrocarbons are in a migration route and will be a source of a deposit located within the Anglesey prospect. The seismic data that has been collected has been extensively processed by Fugro, one of the world's leading geophysical consulting companies in the oil and gas sector. The results produced by Fugro have defined the prospect's structures, in which TRACS International Ltd stated the potential reserves could reach 213 MMBL or more, earlier this year.

The results of the analysis provide a better understanding of the geological structures contained in the prospect. The seismic data gives a more concise outline of the fault blocks and will help define a target area for drilling. Based on the seismic data, the southern and central sections of the block will be considered the most likely areas for an initial well. These sections of the prospect are considered to be of the lowest risk for primary exploration of the project.

Now the data interpretation is underway, Fox will be moving forwards aggressively for the 2008 drilling season, and have already begun negotiating drilling slots for the up coming year. The Anglesey Prospect will be of high priority for Fox Petroleum in the coming months, and will be running in parallel to other significant projects including the Catcher's Mitt Prospect in Alaska’s Cook Inlet and the Bourbon Prospect also located in the North Sea.

Commenting on the developments, Richard Moore Fox Petroleum CEO states "The seismic data was a solid investment for Fox, and will allow us to move forward with great confidence. This information has highlighted our initial beliefs; the Anglesey Prospect could have an immense amount of hydrocarbons, and has the potential to be one of the most profitable projects in the North Sea at the current time."