Petroleum Africa
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Thursday, February 13, 2014
Fastnet Oil & Gas received government approval to enter the first extension period of the Foum Assaka Petroleum Agreement, offshore Morocco. The first extension period extends the license to June 30, 2016. During the first extension period the company is required to drill one exploration well.
Fastnet MD Paul Griffiths said in a statement released by the company, “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 program. 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.”
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