Fastnet Oil & Gas to acquire further African assets

Image source: Fastnet Oil & Gas.Image source: Fastnet Oil & Gas.Fastnet Oil & Gas has made its first acquisition offshore Morocco and plans to acquire more African exploration assets before the end of the year, according to its chief executive officer, Stephen Staley

The company, which is currently looking to expand its Celtic Sea blocks from two to five, is looking for a low risk exploration asset, likely to be in Africa, Staley told Dow Jones.

The company also announced the acquisition of Pathfinder Hydrocarbon Ventures for US$8 million in cash and shares

The deal gives Fastnet an 18.75 per cent stake in the highly prospective Foum Assaka offshore petroleum agreement and exploration permits within the Agadir Basin in the Moroccan Atlantic Margin.

The acreage contains 23 identified prospects that are said to be consistent in scale with producing West African fields.

The interpretation of new seismic data, shot this year, is expected to add “significant additional resources”.

Fastnet said there was an opportunity for near-term high impact drilling with the first well planned for next year.

Fastnet also received an option to acquire a 50 per cent stake in Morocco’s Merada exploration licence area as part of the deal.

The Merada Licence area contains an exciting under-explored biogenic gas play that was successfully tested by Repsol and Circle Oil

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