UK's Fastnet gets second extension in Morocco

Drilling rig12 February 2014, News Wires – London-listed Fastnet Oil & Gas has received an extension of its petroleum exploration licence offshore Morocco.

The Foum Assaka licence will be extended for 30 months to June 2016, during which time one exploration well must be drilled.

Fastnet managing director Paul Griffiths said the company would now work with its joint venture partners to develop a drilling programme.

“On receipt of all regulatory approvals and completion of the farm-out agreement with SK Innovation, Fastnet will be carried through its share of drilling costs for the initial Foum Assaka commitment well, as previously announced, and in any follow-up appraisal well in the event of a discovery,” he said.

The news comes less than a week after the company revealed it had received an extension on two licence options in the Celtic Sea, off Ireland.


– Upstream

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