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Fastnet signs Morocco oil rig deal

Friday, January 03 10:42:07

Irish energy prospector, Fastnet Oil and Gas, today said that the drilling of the FA-1, or Eagle, exploration well offshore Morocco will begin in the first half of 2014, following the signing of a rig agreement.

The operator of the Foum Assaka block, Kosmos Energy, has signed a rig share agreement with BP (BP.) - itself a partner in the block - and Maersk Drilling for the Maersk Discoverer rig. As a result of the recent farm out deal with Korean conglomerate SK Group, Fastnet's share of the drilling costs will be carried by the new partner.

Paul Griffiths, Managing Director of Fastnet said: "We are delighted that Kosmos has secured the required rig to execute our Foum Assaka exploration program with BP and SK beginning the first half of this year. We have moved quickly to prepare ourselves for drilling by independently securing our farm-in partner and ensuring the Company is well funded to deliver an exciting drilling programme offshore and onshore Morocco in 2014 in partnership with world class explorers. Fastnet's directors and experienced management team have never deviated from the Company's stated strategy of delivering shareholder value through the successful application of the drillbit at the earliest opportunity. Within 18 months of our admission to AIM we are now poised on the cusp of a wave of Moroccan drilling activity that maximises our potential for exit value in the success case given the industry-wide appetite for Moroccan exploration assets."