Business World

Irish energy prospector, Fastnet Oil and Gas today said that its partner in the Foum Assaka license area, offshore Morocco, Kosmos Energy, has confirmed that it expects the FA-1 well to spud in March.
The FA-1 well will target the Eagle prospect, which is estimated by the operator, Kosmos, to contain 360 mmboe of Pmean resources in its primary deepwater Lower Cretaceous reservoir objective. The well will also target multiple secondary objectives which could provide additional upside in a success case. The planned target depth (TD) is 4,000 metres, in water depth of approximately 600 metres. The well is expected to take up to three months to reach TD. Kosmos has contracted the Maersk Discoverer, a sixth generation semi-submersible rig, to drill the well, Fastnet said.
On the completion of the SK farmout agreement, announced on 18 December 2013, and receipt of all regulatory approvals, Fastnet will hold a 9.375pc interest in the Foum Assaka Licence, with Kosmos holding 29.925pc, BP Plc 26.325pc, SK Innovation 9.375pc and ONHYM the remaining 25pc.
Commenting, Paul Griffiths, Managing Director of Fastnet, said: “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 farmout 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.”