Petroleum Africa
Find us on: 
Tuesday, February 25, 2014
Fastnet Oil & Gas reported that the operator of the Foum Assaka license area offshore Morocco, Kosmos Energy, has confirmed that the first well on the license will spud in March. The well, the FA-1, will hone in on the Eagle Prospect as its main target.
The prospect is estimated to contain 360 million boe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective. The well will also target multiple secondary objectives which could provide additional upside in a success case. The planned target depth is 4,000 meters, in a water depth of about 600 meters. The well is expected to take up to three months to reach total depth.
Kosmos has contracted the Maersk Discoverer to drill the well.
On the completion of the SK farm-out agreement from December, and receipt of all regulatory approvals, Fastnet will hold a 9.375% interest in the license, with Kosmos holding 29.925%, BP 26.325%, SK Innovation 9.375%, and ONHYM the remaining 25%.
Fastnet is carried for past costs and the cost of the FA-1 well up to a gross well cost of $100 million. The total value of the SK transaction includes the carried cost of an exploration well and either an appraisal well or, at SK Innovation’s discretion, a further exploration well (also capped at $100 million gross).
Commenting, Paul Griffiths, Managing Director of Fastnet, said: “This well and the multiple drilling opportunities that surround it, offer the Company potentially significant high impact upside at minimal expected financial risk following the farmout agreement reached late last year with SK Innovation, a multinational company we are very pleased to be partnering with. We are, as such, delighted to have certainty on the timing of the well and look forward to operations progressing in March.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
