Fastnet Oil & Gas granted government approval for Foum Assaka offshore assignment

oil deepsea drillingFastnet Oil and Gas plc has announced that it has received approval from the Moroccan government, through a Joint Ministerial Order, for Kosmos Energy to enter as a partner in the Foum Assaka licence

In November 2011 Pathfinder Hydrocarbon Ventures, which Fastnet bought in July, agreed on the farm-out deal with Kosmos Energy.

The new agreement means Pathfinder would sell an 18.75 per cent economic interest to Kosmos, leaving the company with an 18.75 per cent stake in the licence.

“The C licence area, offshore Morocco, is in a region that is attracting a lot of industry attention and with very prospective deepwater geology," said Dr Steve Staley, CEO of Fastnet.

“We are pleased we are working with one of the most respected deep water explorers and look forward to updating the market as we progress towards exploratory drilling,” Staley added.  

The Foum Assaka Offshore Petroleum Agreement includes four exploration permits that cover an area of 6,473 sq km in the offshore Agadir Basin in water depths ranging from 300 metres to 2,100 metres.

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