Fastnet Oil & Gas reported Thursday that it has selected a preferred bidder and entered into an exclusivity agreement with that party in respect of the farm-out of its interest in the Foum Assaka license area, offshore Morocco.
Under the formal farm-out agreement, which both parties are working towards, Fastnet expects to farm-out a share of its interest in the license area in return for a contribution towards past costs incurred as well as a carry through drilling activities in 2014.
The news comes days after Fastnet reported that its Moroccan onshore structure, Tendrara-Lakbir, holds an estimated 311 billion cubic feet of contingent gas resources.
Commenting on the potential farm-out of Foum Assaka Thursday, Fastnet Managing Director Paul Griffiths said:
"We are delighted with the level of interest shown in the license area and also by the caliber of the parties who submitted bids. The preferred bidder would be an excellent addition to the JOA [joint operating agreement] party as a whole and we look forward to working with them to move towards execution of the FOA in the immediate term, with completion anticipated in 1Q 2014."
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