18th Nov 2013 10:30
LONDON (Alliance News) - Fastnet Oil & Gas PLC Monday said its partner in the Foum Assaka licence, offshore Morocco, Kosmos Energy Ltd., has provided a technical update on its exploration assets.
The oil and gas exploration and production company, with operations in Morocco and the Celtic Sea, said that Kosmos has indicated well planning is underway at the Eagle-1 well in the block, which is estimated to contain 360 million barrels of oil equivalent.
Kosmos said that the well is scheduled for drilling in the first quarter 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoirs with a planned target depth of 4,500 metres in water depth of 600 metres.
Fastnet said that it anticipates the formal farm-out agreement at the site to be executed and announced in the coming weeks with the transaction to complete during the first quarter 2014, ahead is first production. Last week, Fastnet said it had selected a preferred bidder for the farm-out agreement but didn't name the bidder.
NYSE-listed Kosmos last month announced it had reached a farm-out agreement for its portion of the permit with BP PLC.
Fastnet shares were up 1.0% to 16.03 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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