LONDON, UK --Fox Energy Exploration is farming into UK North Sea blocks 14/9a and 14/14b. The acreage contains the Anglesey prospect, a series of tilted Jurassic fault blocks, 30-km (18.64 mi) north of the Claymore field in the Outer Moray Firth.
Under the agreement with existing partners Granby Oil and Gas and Atlantic Petroleum, Fox will take a 33.33% stake in the acreage, currently being merged by the UK government into one production license. Granby will remain as operator.
The partners are presently acquiring a high resolution 2D seismic survey over the license area, both to confirm the prospectivity, and to determine a well location. Assuming government approval, Fox will pay 100% of the costs of this survey, and also has the option to acquire a further 26.67% of the license through financing nearly half the costs of an exploration well, in addition to its 33.33% obligation.