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Fastnet Oil & Gas
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by Jamie AshcroftFastnet has a 18.75% carried interest in Foum Assaka, while Kosmos has a 56.25% working interest.
Fastnet Oil & Gas (LON:FAST) this morning confirmed that the Moroccan authorities have approved a previously agreed deal to bring in Kosmos Energy as a partner in the Foum Assaka licence.
Last November Pathfinder Hydrocarbon Ventures, which Fastnet acquired in July, struck the farm-out deal with Kosmos.
“We are delighted to have been awarded government approval for the farm-down to Kosmos Energy,” said chief executive Dr Steve Staley.
“The Foum Assaka licence area, offshore Morocco, is in a region that is attracting a lot of industry attention and with very prospective deepwater geology.
“We are pleased we are working with one of the most respected deep water explorers and look forward to updating the market as we progress towards exploratory drilling.”
Pathfinder received US$1 million as payment and Kosmos agreed to carry Pathfinder’s costs, up to US$16.2 million, for the initial exploration period which consists of seismic exploration.
Fastnet has a 18.75% carried interest in Foum Assaka, while Kosmos has a 56.25% working interest. The Moroccan state oil company, ONHYM, is the third partner in the venture.
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