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Tuesday, November 19, 2013
Fastnet Oil & Gas’ JV partner, Kosmos Energy, provided a technical update on the Foum Assaka permit, offshore Morocco following its farm-out agreement with BP. The company is currently in the midst of planning its Eagle-1 well for the block, which is estimated to contain 360 million boe of Pmean resources.
The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 meters in water depth of 600 meters.
Paul Griffiths, MD of Fastnet said: “We are very pleased that the operator’s update for Foum Assaka states for the first time the potential resources target for the initial well in the 2014 Foum Assaka drilling campaign and further confirms the premium being paid by major oil companies to enter this exciting hydrocarbon play. The quality of this asset has allowed us to attract a very high caliber partner and we expect our own farm-out documentation process to progress at pace. We anticipate our formal farm-out agreement being executed and announced in the coming weeks and, as previously stated, for the transaction to complete during Q1 2014, after the satisfaction of various regulatory approvals and the waiver of existing pre-emption rights, ahead of spudding the first well.”
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