14th Nov 2013 14:51
LONDON (Alliance News) - Fastnet Oil & Gas PLC Thursday said it has selected an unnamed preferred bidder for the farm-out of an interest in the Foum Assaka licence area offshore Morocco and has gone into exclusive talks with the company.
The two companies will now work towards entering a formal farm-out agreement. Under the deal, Fastnet is expected to farm-out a share of its interest in the licence area in return for contributions towards costs already incurred and also drilling activities in 2014.
Completion of the transaction is expected to occur following the signing of the formal deal and the satisfaction of customary conditions in relation to such transactions such as government approvals and the waiver of any pre-emption rights of the participants under the joint operating agreement.
The stock was 16.40 pence Thursday afternoon, down 0.85 pence or 4.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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