Fastnet Oil & Gas has been given government approval to start operations at the Foum Assaka block, offshore Morocco.
The Africa and Celtic Sea-focused exploration firm has been given approval for the first extension period of the block, extending the licence for 30 months to June 30, 2016.
As part of the extension agreement, Fastnet has a commitment to drill one exploration well.
“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 co-operation with ONHYM and our other partners to execute the Foum Assaka drilling programme,” said Fastnet managing director Paul Griffiths.
“On receipt of all regulatory approvals and completion of the farmout 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.”
The Foum Assaka Block is operated by Kosmos and partners include BP, Fastnet subsidiary Pathfiner, SK Innovation and Morocco’s National Bureau of Petroleum and Mines.