Small explorer Fastnet Oil & Gas is looking to spud its first Morocco well in March.
The FA-1 well in the Foum Assaka Licence will target the Eagle prospect with planned total depth 4,000 metres, in water depth of approximately 600 metres.
FA-1 is set to be drilled by Maersk Discoverer semi-submersible and take up to three months to complete, to company said.
The Eagle Prospect which holds 360million of barrels of oil estimate, according to the licence operator Kosmos.
The announcement follows Fastnet securing an extension period for development of the the block, extending its licence for 30 months to June 30, 2016.
“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,” said Paul Griffiths, managing director of Fastnet.
“We are, as such, delighted to have certainty on the timing of the well and look forward to operations progressing in March.”
Fastnet holds a 9.375% interest in the Foum Assaka Licence; Kosmos holds 29.925%, with BP (26.325%), SK Innovation (9.375%) and ONHYM (25%) owning the remaining shares.