Written by Jamie Ashcroft | From Proactive Investors
Fastnet Oil & Gas (LON:FAST) has confirmed that the drilling of the FA-1, or Eagle, exploration well offshore Morocco will begin in the first half of 2014, following the signing of a rig agreement.
Kosmos Energy, the operator of the Foum Assaka block, has signed a rig share agreement with BP – itself a partner in the block – and Maersk Drilling for the Maersk Discoverer rig.
Once underway the drill programme is expected to last for three months, according to Kosmos.
As a result of last month’s farm-out deal with Korean conglomerate SK Group, Fastnet’s share of the drilling costs will be ‘carried’ by the new partner.
“We are delighted that Kosmos has secured the required rig to execute our Foum Assaka exploration programme with BP and SK beginning the first half of this year,” said managing director Paul Griffiths.
“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.
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