Offshore Technology
Fastnet Oil & Gas has formally completed its farm-out of a 9.375% interest in the Foum Assaka licence, offshore Morocco, to SK Innovation.
Fastnet, through its wholly owned subsidiary Pathfinder Hydrocarbon Ventures, holds its interest in the Foum Assaka licence area.
Completion had been previously subject to receipt of a Joint Ministerial Order from the Moroccan authorities confirming the farm-out and approval for the farm-out transaction from the Korean Ministry of Trade, Industry and Energy.
“We are pleased to have concluded the Foum Assaka farm-out and look forward to working with SK Innovation during the ongoing FA-1 drilling programme.”
Following the completion of the transaction, SK Innovation is due to pay Fastnet accumulated back costs of $20.4m, while Fastnet will hold a 9.375% interest in the Foum Assaka licence, with Kosmos Energy Deepwater Morocco, a subsidiary of Kosmos Energy, holding 29.925%, BP 26.325%, SK Innovation 9.375% and ONHYM the remaining 25%.
Fastnet managing director Paul Griffiths said: “We are pleased to have concluded the Foum Assaka farm-out and look forward to working with SK Innovation during the ongoing FA-1 drilling programme.
“The accumulated costs paid to Fastnet will further strengthen our balance sheet and allow us to prudently develop our business objectives during 2014 and 2015.”
