LONDON (Alliance News) - Fastnet Oil & Gas PLC Monday said Kosmos Energy, its partner in the Forum Assaka licence area, offshore Morocco expects the FA-1 well to spud March.
The FA-1 well, located within the Forum Assaka Licence, will target the Eagle prospect, which is estimated by the operator, Kosmos, to contain 360 million barrels of oil equivalent of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective.
The well will also target multiple secondary objectives which could provide additional upside in a success case. The planned target depth is 4,000 metres, in water depth of approximately 600 metres. The well is expected to take up to three months to reach its target depth.
Fastnet is carried for past costs, as previously announced, and the cost of the FA-1 well up to a gross well cost of USD100 million.
Maersk Discoverer, a sixth generation semi-submersible rig, will drill the well.
The stock was trading at 11.99 pence, up 0.49 pence or 4.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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