Kosmos’ Foum Assaka Entrance Approved

Fastnet Oil & Gas reported that after acquiring Pathfinder Hydrocarbon Ventures in July it has been granted approval from the Moroccan government through a Joint Ministerial Order for the farm-down from Pathfinder to Kosmos Energy (Deepwater Morocco) on the Foum Assaka License Area.  

The farm-out agreement had Pathfinder receiving a payment of $1 million and Kosmos carrying the company for a gross cost of $16.2 million for the minimum exploration work program agreed with ONHYM for the initial exploration period in exchange for a 18.75% stake in the license. Prior to the the farm out Pathfinder held a 37.5% stake in the Foun Assaka License.

The Foum Assaka Offshore Petroleum Agreement includes four exploration permits; the Foum Assaka I, II, III, and IV. The permits cover a combined area of 6,473 sq km water depths ranging from 300 meters to 2,100 meters. To date, no well has been drilled within the Foum Assaka permits. Two wells have been drilled in the outboard basin area but there has been no valid test of the main objective which is the Tertiary turbidites. The current agreement for the license was applied for by Pathfinder and subsequently awarded to Pathfinder and KEDM, following an invitation from Pathfinder to Kosmos to join the License Application in May 2011.

Dr. Steve Staley, CEO of Fastnet, commented: “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.”