Fox Petroleum has signed a letter of commitment with Senergy, an integrated oil services company, to utilize the Byford Dolphin semi-submersible drilling rig to drill a well on the company's Bourbon prospect.
Fox has secured the drilling rig for a 22-day slot in the fourth quarter of 2008. Fox Petroleum has a 46% interest in the UK North Sea Block 211/17, which contains the Bourbon prospect.
Richard Moore, CEO of Fox Petroleum, said: We believe the 211/17-3 well drilled in the 1980s to be an unrealized discovery well. Fox plans to move up-dip from the 3 well, which we believe encountered an oil-water transition zone. This well, if successful, should prove up the recoverable resources estimate recently prepared by Aimwell Energy in excess of 160 million barrels of oil recoverable – mean case.