Fastnet Gains Approval to Extend Foum Assaka Agreement

Junior explorer Fastnet Oil & Gas reported Wednesday that is has received government approval to enter the First Extension Period of the Foum Assaka Petroleum Agreement, offshore Morocco.

The First Extension Period extends the license to June 30, 2016, by which time there is a commitment for one exploration well to be drilled.

Fastnet Managing Director Paul Griffiths commented in a company statement:

"We are pleased that the Foum Assaka partnership has received approval to enter the next phase of the Petroleum Agreement and we look forward to continuing our close cooperation with ONHYM [the Moroccan oil ministry] and our other partners to execute the Foum Assaka drilling program.

"On receipt of all regulatory approvals and completion of the farm-out agreement with SK Innovation, Fastnet will be carried through its share of drilling costs for the initial Foum Assaka commitment well, as previously announced, and in any follow-up appraisal well in the event of a discovery."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Specialist
Expertise: Contracts Administration
Location: Lake Charles, LA
 
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
 
Drilling Manager
Expertise: Drilling Manager|Drilling Superintendent
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours