Fastnet gains offshore Morocco license extension

Morocco’s government has approved Fastnet Oil & Gas to enter the first extension period of the offshore Foum Assaka petroleum agreement.

Feb 12th, 2014

Offshore staff

DUBLIN, Ireland – Morocco’s government has approved Fastnet Oil & Gas to enter the first extension period of the offshore Foum Assaka petroleum agreement.

This extends the license by 30 months to June 30, 2016, during which there is a commitment to drill one exploration well.

On receipt of regulatory approvals and completion of its farm-out agreement with SK Innovation, Fastnet will be carried for its share of drilling costs both for the initial well and for any follow-up appraisal well in the event of a discovery.

02/12/2014

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