Kosmos Signs Up Maersk Discoverer for Morocco Drill

Junior explorer Fastnet Oil & Gas reported Friday that its partner Kosmos Energy has agreed a one-well rig share deal with BP and Maersk Drilling for the Maersk Discoverer (DW semisub) rig.

The rig is now expected to begin drilling operations on the FA-1 exploration well in the Foum Assaka Offshore block in Morocco during the first half of this year. Once begun, drilling operations are expected to take around three months to complete.

Fastnet Managing Director Paul Griffiths commented in a company statement:

"We are delighted that Kosmos has secured the required rig to execute our Foum Assaka exploration program with BP and [SK Innovation] beginning the first half of this year. We have moved quickly to prepare ourselves for drilling by independently securing our farm-in partner and ensuring the company is well funded to deliver an exciting drilling programme offshore and onshore Morocco in 2014 in partnership with world class explorers."

Fastnet will be carried through its share of the drilling costs by SK Innovation, which entered into a farm-out agreement with Fastnet for a 12.5-percent interest in the Foum Assaka block in December.