This license application includes four blocks which are located in the southeastern region of the UK.
Fox’s bid includes a work program comprising a new seismic survey costing around $500,000 with a follow-up drill or drop exploration drilling program within a three-year period.
Fox intends to operate the license but will outsource the drilling and sub surface management. The firm 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 of finance, said: 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. Furthermore, onshore drilling will have distinct financial advantages over offshore drilling in these times of inflated rig rates.
