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Monday, January 6, 2014
In Morocco operator Kosmos Energy and its partner Fastnet reported that an agreement was entered into for a one well rig share agreement with BP plc and Maersk Drilling for the Maersk Discoverer rig.
The rig is expected to commence drilling operations on the FA-1 (formerly Eagle-1) exploration well in the Foum Assaka Offshore block in Morocco during H1 2014. Drilling operations are expected to take approximately three months to complete.
Fastnet will be carried through its share of the drilling costs by SK Innovation (subject to an agreed maximum spend) who entered into a farm-out agreement with the company for a 12.5% paying interest in the Foum Assaka block. Completion of the farm-out remains subject to the customary closing conditions as previously announced.
Paul Griffiths, Managing Director of Fastnet said “We are delighted that Kosmos has secured the required rig to execute our Foum Assaka exploration program with BP and SK beginning the first half of this year. We have moved quickly to prepare ourselves for drilling by independently securing our farm-in partner and ensuring the company is well funded to deliver an exciting drilling program offshore and onshore Morocco in 2014 in partnership with world class explorers. Fastnet’s directors and experienced management team have never deviated from the company’s stated strategy of delivering shareholder value through the successful application of the drillbit at the earliest opportunity. Within 18 months of our admission to AIM we are now poised on the cusp of a wave of Moroccan drilling activity that maximizes our potential for exit value in the success case given the industry-wide appetite for Moroccan exploration assets.”
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