LONDON (Alliance News) - Fastnet Oil & Gas PLC Monday said it started drilling the FA-1 well in the Foum Assaka area, offshore Morocco, on Sunday.
The exploration and production company, with activities in Africa and the Celtic Sea, said the operator of the site, Kosmos Energy Ltd plans to drill the site 4,000 metres in water depth of roughly 600 metres over around three months.
Fastnet said the well is estimated to contain 360 million barrels of oil equivalent in its primary deepwater lower Cretaceous reservoir objective area.
The company added that it is carried through its share of the drilling costs, subject to a gross maximum well cost of USD100 million, following a previously announced sale of interest in the site to SK Innovation, leaving Fastnet with a 9.375% net interest in the licence.
Fastnet shares were up 0.6% to 11.94 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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