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Fastnet get Morocco farm-down clearance

Tuesday, October 16 15:41:07

Irish oil and gas exploration and production company, Fastnet, today said it has been given clearance for a farm-down on the Foum Assaka licence area off Morocco.

The newly-listed firm said that following the acquisition of Pathfinder Hydrocarbon Ventures Ltd as announced on 18 July 2012, it has been granted Government approval, through a Joint Ministerial Order, of the farm-down from Pathfinder to Kosmos Energy Deepwater Morocco (KEDM" on the Foum Assaka licence area.

"We are delighted to have been awarded Government approval for the farm-down to Kosmos Energy. The Foum Assaka licence area, offshore Morocco, is in a region that is attracting a lot of industry attention and with very prospective deepwater geology. 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," said Dr.Steve Staley, CEO of Fastnet.

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