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."

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