Petroleum Africa
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Tuesday, March 18, 2014
Kosmos Energy and its partners on the Foum Assaka area offshore Morocco, Fastnet Oil & Gas and SK Innovation, have spud their first well on the acreage. The FA-1 well on the Eagle Prospect was spud on March 16.
As previously announced, the planned target depth (TD) is 4,000 meters in water depth of around 600 meters. The well is expected to take up to three months to reach TD and test multiple objectives. The FA-1 well is estimated by the operator, Kosmos, to contain 360 Mmboe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective.
Fastnet is carried through its share of the drilling costs, subject to a gross maximum well cost of $100 million, following the previously announced farm-out to SK Innovation, retaining a 9.375% net interest in the license.
Commenting, Paul Griffiths, MD of Fastnet, said: “We are delighted that drilling has commenced on schedule on the Eagle Prospect. The results from the FA-1 well will allow us to further evaluate and potentially de-risk the varied and near-term drilling targets in the Foum Assaka License where we and our partners see significant potential upside.”
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