By Ian Lyall
An important step in validating the resources potential will be an appraisal well scheduled for 2014.
Fastnet Oil & Gas (LON:FAST, ESM:FOI) said independent consultants have carried out a new resource estimate that points to the potential of its onshore gas assets in Morocco.
Based on a 65% recovery factor, the “best” estimate gross recoverable resource is put at 310.5bln cubic feet of gas (bcf). The work carried out by SLR Consulting points to a high estimate of 891.9bcf and a low of 30.1bcf.
The study covers the eight exploration permits that make up the Tendrara-Lakbir licence. Interestingly, it ascribes a net present value of US$2.29mln per bcf, which underlines the value of the assets, which are being developed in partnership with the Oil & Gas Investment Funds and ONHYM, the Moroccan state oil firm.
Separately, Houston-based NuTech has described the reservoir properties for the Triassic TAGI sand as consistent with good potential gas flow rates from a gross gas-bearing interval in TE-5 of 82.2 metres.
At the same time a new well design study suggests that using modern technology it is possible to eliminate the formation damage seen in previous drilling and testing operations.
An important step in validating the resources potential will be an appraisal well scheduled for 2014.
This is designed to optimise the flow potential from the TAGI by minimising formation damage as well as collecting high quality flow rate and pressure data. This will then validate and re-calibrate the current reservoir engineering studies.
“We are excited about the drilling of this project as we continue to deliver on our early mover strategy,” said Fastnet managing director Paul Griffiths.
“We have again successfully identified and quickly secured dormant high-impact opportunities with latent potential to deliver at the higher end of conventional expectations.
“Our seasoned technical expertise allowed us to de-risk the asset by addressing key historical issues paving the way to a fast-moving drilling programme based on a sound assessment of geological and well operations risks.”
The group also has some highly prospective assets offshore Morocco and in the waters around Ireland.
