FAST.L Share News (FAST)

Fastnet Oil & Gas, the exploration and production company focused on Africa and the Celtic Sea, on Monday announced that its partner and operator in the Foum Assaka area, offshore Morocco, had begun drilling the FA-1 well. The well, which is located within the Foum Assaka area on the Eagle Prospect, spudded on March 16th 2014. The planned target depth is 4,000 metres, which the well is expected to take up to three months to reach.The operator, Kosmos, estimates the well contains 360m barrels of oil equivalent probable resources in its primary deepwater Lower Cretaceous reservoir objective. Paul Griffiths, the Managing Director of Fastnet, said: "We are delighted that drilling has commenced on schedule on the Eagle Prospect. "The results from the FA-1 well will allow us to further evaluate and potentially de-risk the varied and near-term drilling targets in the Foum Assaka licence where we and our partners see significant potential upside."Fastnet holds its interest in the Foum Assaka licence area through its wholly-owned subsidiary, Pathfinder Hydrocarbon Ventures.NR