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LONDON (Alliance News) - Fastnet Oil & Gas PLC Tuesday said its partner Kosmos Energy has entered into a farm-out deal with BP PLC at its Foum Assaka permit offshore Morocco.
The AIM-listed exploration and production company, with operations in Morocco and the Celtic Sea said the deal will allow BP to earn a 26.325% stake in the company's Moroccan asset.
The company said the deal, in which BP will cover funding for one exploration well in each of three blocks in the Agadir Basin, is a validation by the oil industry of the potential of offshore Morocco as a resurgent exploration province.
Fastnet said that following the deal it still maintains a 48.675% interest in the site including a 18.750% holding by Pathfinder Hydrocarbon Ventures Limited, which is a wholly-owned subsidiary of Fastnet.
"The Agadir Basin farm-out along with the petroleum agreement for Tarhazoute mark significant and important forward steps for Kosmos in Morocco as we prepare to commence drilling in the first half of 2014," Kosmos Energy's Chief Executive Officer, Brian Maxted said in a statement.
Fastnet shares were up 13.8% to 19.77 pence, putting it in the top ten Aim movers Tuesday.
By Tom McIvor; tommcivor@alliancenews.com;
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