London South East
LONDON (Alliance News) – Fastnet Oil & Gas PLC Tuesday said an independent assessment of eight exploration permits onshore Morocco has been completed by SLR Consulting.
The AIM-listed exploration and production company, with operations in Morocco and the Celtic Sea, said the studies, which were conducted on the Tendrara Lakbir Petroleum Agreement, found a sand reservoir of 82.2 metres with good gas flow rates at its TE-5 space.
Fastnet also said a new reservoir engineering study supports the company’s development cases subject to a successful validation of flow rates in an appraisal well on the TE-5 discovery and a step-out appraisal well to the northeast of TE-5.
The company said that a new well design study by Dennis Krahn, a chartered petroleum engineer, supports an enhanced well potential by designing and drilling a conventional appraisal well using modern technologies to minimise damage to previous drilling and testing operations which negatively impacted the well’s gas flow rate potential.
Fastnet shares were up 0.7% to 18.00 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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