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Tuesday, July 8, 2014
Fastnet Oil & Gas’ wholly owned subsidiary, Pathfinder Hydrocarbon Ventures entered into an amended exclusive option agreement with Oil and Gas Investments Funds (OGIF) in relation to the eight exploration permits that make up the Tendrara Lakbir Petroleum Agreement onshore Morocco. The amendment extends the option agreement between the two until the end of 2014.
Following substantive negotiations with its partner OGIF, Fastnet has secured improved commercial terms from those previously and include Fastnet’s net equity interest increasing from 37.5% to 50% upon the option being exercised and subject to the necessary Moroccan government approvals. Fastnet will carry OGIF in the first well required during the Initial Period of the Tendrara License. Also at the company’s election, Fastnet will carry OGIF for a well on the TE-5 Structure, or an exploration well on any alternative gas prospect and/or existing gas discovery in the license area as required by the committed work program of the First Extension Period.
The partners will also see the drilling commitments under the original option agreement, which had Fastnet carrying OGIF in three wells; the first well plus two additional appraisal/exploration wells by April 1, 2015 and April 1, 2018, respectively. The deadline to drill the first well has been extended from September 30, 2014 to April 21, 2015. The time in between exercising the Option Agreement and the drilling deadline allows Fastnet to acquire its net equity interest in the Tendrara License and Association Contract prior to commencing the drilling program as the designated operator. Fastnet will also be required to provide OGIF with an executed drilling contract or alternatively an irrevocable bank guarantee of $2.75 million
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