17 Mar 2014 07:00
Operational Update on Foum Assaka Well FA-1
Fastnet Oil & Gas PLC
17 March 2014
Fastnet Oil & Gas Plc
Operational Update on Foum Assaka Well FA-1, offshore Morocco
Fastnet Oil & Gas Plc ("Fastnet") (AIM: FAST, ESM: FOI), the E&P company focused on exploration acreage in Africa and in the Celtic Sea, is pleased to announce that its partner and operator in the Foum Assaka area, offshore Morocco ("Foum Assaka Licence"), Kosmos Energy Deepwater Morocco, a wholly owned subsidiary of Kosmos Energy Ltd. ("Kosmos") (NYSE: KOS), has confirmed that the FA-1 well, located within the Foum Assaka area on the Eagle Prospect, spudded on March 16 2014. Fastnet holds its interest in the Foum Assaka licence area through its wholly owned subsidiary Pathfinder Hydrocarbon Ventures Limited.
As previously announced, the planned target depth ("TD") is 4,000 metres in water depth of approximately 600 metres. The well is expected to take up to three months to reach TD and test multiple objectives. The FA-1 well is estimated by the operator, Kosmos, to contain 360 mmboe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective. Fastnet is carried through its share of the drilling costs, subject to a gross maximum well cost of US$100 million, following the previously announced farm-out to SK Innovation, retaining a 9.375% net interest in the licence.
Commenting, Paul Griffiths, 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."
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 |
GMP Securities Europe LLP (Joint Broker) Rob Collins |
+44 (20) 20 7467 2800 |
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell |
+353 (1) 679 6363 |
Bell Pottinger Philip Dennis, Rollo Crichton-Stuart, James Lea |
+44 (0) 207 861 3232 |
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 Africa. 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 Africa 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 highly prospective Foum Assaka permit Offshore Morocco. 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.