Offshore staff
LONDON, UK --Fox Petroleum is farming into UK northern North Sea block 211/17, containing a potential mid-size oil prospect.
Under the arrangement, Fox Energy Exploration will take a 46% interest in the block, the remaining partners being Petrofac Energy Developments with 24%, and Valiant Petroleum with 30%. Fox then plans to transfer 4.6% of its stake to Aimwell Energy.
The farm-in relates to the southern half of the block, where three prospects have been identified that could hold combined reserves of over 500MMbbl of recoverable oil. Fox's main target, called Bourbon, could contain 167MMbbl recoverable.
Bourbon is located in Brent sandstones, comprising tilted fault blocks known to be favorable for trapping hydrocarbon deposits. There is also prospectivity in the Statfjord and Cormorant sandstones, directly below the Brent horizon, and in Upper Jurassic sandstones.
In return for its 46% interest, Fox has agreed to pay 89% of the cost of drilling an exploration well to a depth of around 10,300-ft (3,140 m). In the event of a discovery, Shell's Eider or BP's Magnus facilities in adjacent blocks could be available for a development.
11/22/2007
