Fastnet Oil & Gas has been granted approval from the government of Morocco to enter the First Extension Period of the Foum Assaka Petroleum Agreement, Offshore Morocco.
The First Extension Period extends the Kosmos Energy-operated licence for the 30 months to 30 June 2016 during which there is a commitment for one exploration well to be drilled.
Paul Griffiths, Managing Director of Fastnet, said: “We are pleased that the Foum Assaka partnership has received approval to enter the next phase of the Petroleum Agreement and we look forward to continuing our close cooperation with ONHYM and our other partners to execute the Foum Assaka drilling programme.
“On receipt of all regulatory approvals and completion of the farm-out agreement with SK Innovation, Fastnet will be carried through its share of drilling costs for the initial Foum Assaka commitment well, as previously announced, and in any follow-up appraisal well in the event of a discovery.”
The Foum Assaka Licence consists of four exploration permits in the North-West Agadir Basin, to the south-west of the Moroccan port of Agadir. The licence area covers an area of 6,478 km2. The region contains evidence of a working hydrocarbon system with oil shows being encountered in previous onshore and offshore drilling, as well as good reservoir potential. The Agadir Basin is an under-explored basin with a variety of exploration plays, including its core geologic theme in the late Cretaceous formation.