Fastnet Edges Closer to Foum Assaka Farm-out

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."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
EU Business Development Manager - Refining/Maintenance Services
Expertise: Business Development
Location: Houston, TX
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours