UK-based oil and gas explorers Fastnet says it is closing in on a partner for its Foum Assaka find off Morocco.
The project, let by partner Kosmos Energy, is at the well-planning stage for the block, thought to contain up to 360million barrels of oil equivalent.
Drilling is due to begin early next year, with the hunt on to secure further partners for the project.
“The quality of this asset has allowed us to attract a very high calibre partner and we expect our own farm-out documentation process to progress at pace,” said Fastnet managing director Paul Griffiths.
“We anticipate our formal farm-out agreement being executed and announced in the coming weeks and, as previously stated, for the transaction to complete during Q1 2014, after the satisfaction of various regulatory approvals and the waiver of existing pre-emption rights, ahead of spudding the first well.”