Fastnet updates investors on Moroccan well

Fastnet, the Irish listed company oil and gas company focused on near-term exploration acreage in Morocco and the Celtic Sea, expects its formal farm-out agreement for Foum Assaka, offshore Morocco, will be completed in the first quarter of 2014.

Its partner in the license, Kosmos Energy has indicated that well planning is underway at the Eagle-1 Well in the Foum Assaka Block, which is estimated to contain 360 mmboe of Pmean resources. The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 metres in water depth of 600 metres.

Paul Griffiths, managing director of Fastnet said that the update "further confirms the premium being paid by major oil companies to enter this exciting hydrocarbon play".

“The quality of this asset has allowed us to attract a very high calibre partner and we expect our own farm-out documentation process to progress at pace. We anticipate our formal farm-out agreement being executed and announced in the coming weeks and, as previously stated, for the transaction to complete during Q1 2014, after the satisfaction of various regulatory approvals and the waiver of existing pre-emption rights, ahead of spudding the first well.”