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Thursday, May 1, 2014
Fastnet Oil & Gas saw the formal completion of its farm out of a 9.375% interest in the Foum Assaka License, offshore Morocco, to Korean firm SK Innovation. Completion had been previously subject to receipt of a Joint Ministerial Order from the Moroccan authorities confirming the farm out and approval for the farm-out transaction from the Korean Ministry of Trade, Industry and Energy.
Following the completion of the transaction, SK Innovation is due to pay Fastnet accumulated back costs of $20.4 million. Fastnet is also carried through its share of the drilling costs for the FA-1 well, which is currently ongoing, up to a gross well cost of $100 million as well as either an appraisal well or, at SK Innovation’s discretion, a further exploration well (also capped at $100 million gross).
Fastnet holds its interest in the Foum Assaka license area through its wholly owned subsidiary Pathfinder Hydrocarbon Ventures Ltd. Following completion of the transaction, Fastnet will hold a 9.375% interest in the Foum Assaka License, with Kosmos Energy Deepwater Morocco, a subsidiary of Kosmos Energy Ltd. holding 29.925%, BP Plc 26.325%, SK Innovation 9.375%, and ONHYM the remaining 25%.
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