18 Nov 2013 07:00
Fastnet Oil & Gas plc
("Fastnet" or the "Company")
Kosmos provides Technical Update on Foum Assaka permit Offshore Morocco
Fastnet (AIM: FAST, ESM: FOI) the listed E&P company focused on near-term exploration acreage in Morocco and the Celtic Sea, notes that its partner in the Foum Assaka license, offshore Morocco, Kosmos Energy ("Kosmos") (NYSE: KOS), provided a Technical Update on its exploration assets on 14 November 2013. In its presentation to analysts and investors, Kosmos covered the Foum Assaka permit, offshore Morocco ("Foum Assaka Block") following its farm-out agreement with BP plc (LSE: BP) (NYSE: BP).
Kosmos indicated that well planning is underway at the Eagle-1 Well in the Foum Assaka Block, which is estimated to contain 360 mmboe of Pmean resources. The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 metres in water depth of 600 metres.
Paul Griffiths, Managing Director of Fastnet said:
"We are very pleased that the Operator's update for Foum Assaka states for the first time the potential resources target for the initial well in the 2014 Foum Assaka drilling campaign and further confirms the premium being paid by major oil companies to enter this exciting hydrocarbon play.
"The quality of this asset has allowed us to attract a very high calibre partner and we expect our own farm-out documentation process to progress at pace. We anticipate our formal farm-out agreement being executed and announced in the coming weeks and, as previously stated, for the transaction to complete during Q1 2014, after the satisfaction of various regulatory approvals and the waiver of existing pre-emption rights, ahead of spudding the first well."
For further information please contact:
Fastnet Oil & Gas plc Cathal Friel, Chairman Paul Griffiths, Managing Director | +353 (1) 644 0007 |
Shore Capital Nomad Bidhi Bhoma, Edward Mansfield Corporate Broking Jerry Keen | +44 (0) 20 7408 4090 |
Mirabaud Securities LLP (Joint Broker) Peter Krens, Edward Haig-Thomas | +44 (20) 7321 2508 |
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell | +353 (1) 679 6363 |
FTI Consulting Edward Westropp, Natalia Erikssen | +44 (0) 207 831 3113 |
Notes to editors
Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Morocco. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Moroccan strategies where it has been awarded four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 and Mizzen Basin) and acquired a material interest in the Foum Assaka permit Offshore Morocco alongside an exclusive option agreement over the Tendrara-Lakbir Licence which covers 8 exploration blocks. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.