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LONDON (Alliance News) - Fastnet Oil & Gas PLC Friday said that its partner in the Foum Assaka Block, offshore Morocco, Kosmos Energy Ltd has entered into a one-well rig-sharing agreement with BP PLC and Maersk Drilling.
The exploration and development oil and gas company, with operations offshore Ireland and Morocco, said the rig-sharing contract is for the FA-1 exploration well, which is expected to begin drilling during the first half of 2014.
The company said it expects the Foum Assaka Block to contain 360 million barrels of oil equivalent and drilling operations are likely to take roughly three months to complete at the FA-1 well.
Kosmos started well planning for the FA-1 offshore Moroccan block in November and announced in October that it had reached a farm-out agreement for its portion of the permit with BP PLC.
BP holds a 35.1% interest, Kosmos Energy holds a 39.9% interest and Fastnet's subsidiary Pathfinder Hydrocarbon Ventures Limited holds a 12.5% interest in the site in the Agadir Basin offshore Morocco.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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