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Friday, December 12, 2014
Fastnet Oil and Gas reported that it has retained an option to farm in to the Tendrara Lakbir License onshore Morocco until the end of December. The work program included 3D seismic reprocessing and reservoir engineering studies by two independent parties. Results of the work undertaken support the materiality of the conventional appraisal project on the Tendrara License.
Fastnet said it also recognizes the potential for an unconventional gas play as well as additional conventional exploration upside on the Tendrara License.
The company has been attempting to find farm-in partners for Tendrara since the middle of 2014, with the intention of closing that process before the end of December 4. It is the intention of the board of Fastnet to try to agree on an extension on this option by 12 months to the end of 2015. However, these negotiations are still continuing and Fastnet has also been pursuing and continues to develop a series of strategic alternatives aimed at finding a potential financial partner who may try to develop the possible early monetization of the Tendrara License. These initiatives are based on the gas-to-power market in Morocco and involve both downstream and upstream players.
Offshore the North African country Fastnet drilled the FA-1 well in the Foum Assaka License in the Agadir Basin earlier this year with its partners Kosmos Energy (operator), BP and SK Innovation. The well encountered live oil shows and provided supporting evidence for reservoir development.
The partnership is satisfied that it has fulfilled all the current required commitments in respect of the Foum Assaka License. Technical work is ongoing to incorporate all of the FA-1 well data into the geological framework of the Foum Assaka License. The Foum Assaka License contains multiple prospects with numerous future drilling opportunities. Provided SK Innovation elects to participate in a second exploration well on the Foum Assaka License, Fastnet will have a carry of up to a gross well cap of $100 million.
Numerous wells are being drilled offshore Morocco in 2015 and 2016, demonstrating continued industry interest in the country.
The Royalty Agreement in relation to the Foum Assaka License area between Pan Maghreb Oil and Gas Ltd. and Pathfinder Hydrocarbon Ventures Ltd., a 100% owned subsidiary of Fastnet, has now been terminated.
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