12th Feb 2014 07:00
12 February 2014
Fastnet Oil & Gas Plc
Ministerial Order approving entry to First Extension Period of Foum Assaka Petroleum Agreement, Offshore Morocco
Fastnet Oil & Gas Plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focused on near term exploration acreage in Africa and the Celtic Sea is pleased to announce that it has been granted Government Approval to enter the First Extension Period of the Foum Assaka Petroleum Agreement, Offshore Morocco. The First Extension Period extends the licence for the 30 months to 30 June 2016 during which there is a commitment for one exploration well to be drilled.
Paul Griffiths, Managing Director of Fastnet, commented:
"We are pleased that the Foum Assaka partnership has received approval to enter the next phase of the Petroleum Agreement and we look forward to continuing our close cooperation with ONHYM and our other partners to execute the Foum Assaka drilling programme.
On receipt of all regulatory approvals and completion of the farmout 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".
For further information, please contact:
Fastnet Oil & Gas plc Cathal Friel, Chairman Paul Griffiths, Managing Director | +353 (1) 644 0007 |
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Shore Capital Nomad Bidhi Bhoma, Edward Mansfield Corporate Broking Jerry Keen |
+44 (0) 20 7408 4090 |
GMP Securities Europe LLP (Joint Broker) Rob Collins |
+44 (20) 20 7467 2800 |
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell |
+353 (1) 679 6363 |
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Bell Pottinger Philip Dennis, Rollo Crichton-Stuart, James Lea |
+44 (0) 207 861 3232 |
Notes to editors
Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Africa. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market ("ESM") of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Africa strategies where it has been awarded four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 and Mizzen Basin) and acquired a material interest in the highly prospective Foum Assaka permit Offshore Morocco. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.
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