LONDON --The UK government has approved Fox Petroleum's farm-in agreement with Granby Oil and Gas and Atlantic Petroleum concerning license P.1211, containing the Anglesey prospect.
Anglesey is in the central North Sea on the west flank of the Witch Ground Graben north of the Talisman-Energy operated Claymore field. This April, a study of the structure by consultants TRACS International suggested potential reserves of up to 234 MMbbl of oil.
Fox has the option to increase its stake in the license to 66% following completion of seismic data appraisal. It expects to determine a drilling location shortly, which could lead to an exploration well next summer. Talisman also operates block 14/14a, just south of the P.1211 license, where oil has been discovered.
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Fox farms into Anglesey