Foum Assaka Well Confirmed to Spud in March

Junior explorer Fastnet Oil & Gas reported Monday that Kosmos Energy, its partner in the Foum Assaka license area offshore Morocco, has confirmed that the FA-1 well will spud in March.

The FA-1 well will target the Eagle prospect, which is estimated by the operator, Kosmos, to contain resources of 360 million barrels of oil equivalent in its primary deep-water, Lower Cretaceous reservoir objective. The well will also target multiple secondary objectives.

The planned target depth of the well is 13,125 feet in water depth of approximately 1,970 feet. The drill – which will be carried out by the Maersk Discoverer (DW semisub) – is expected to take up to three months to reach target depth.

After a farm-out agreement is completed, Fastnet will hold a 9.4-percent interest in the Foum Assaka license, while Kosmos (the operator) will hold 29.9-percent. BP, SK Innovation and the Moroccan government will hold 26.4 percent, 9.4-percent and 25 percent respectively.

Fastnet Managing Director Paul Griffiths commented in a company statement:

"This well and the multiple drilling opportunities that surround it, offer the company potentially significant high impact upside at minimal expected financial risk following the farm-out agreement reached late last year with SK Innovation, a multinational company we are very pleased to be partnering with. We are, as such, delighted to have certainty on the timing of the well and look forward to operations progressing in March."

Foum Assaka is one of several areas offshore Morocco where drilling is taking place this year.

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