Fox Catches Additional UK North Sea License

Fox Petroleum has been awarded, in the 25th Seaward Licensing Round Awards, the rights to explore and develop the block 13/17 concession in the North Sea by the British Government (Department of Energy and Climate Change). Fox will be operator of the block with a 90% interest. Partner Aimwell Energy has a 10% interest.

The block is located immediately to the north of Chevron-Texaco's Captain Field. 13/17 contains prospects of considerable potential at both Cretaceous and Jurassic levels. License obligations are to obtain 3d seismic over the block and to carry out geological and seismic modelling before firming up a drilling location. The group has 4 years in which to drill or drop the licence.

Richard Moore (Fox CEO) commented "We are delighted to have added this exciting and high potential block to Fox's portfolio in the UK. 13/17 becomes our first UK offshore operated license, following on from our success as operator of 4 blocks in the UK Onshore licensing round."