Fastnet Provides an Operation Updates in Morocco

Source: www.gulfoilandgas.com 12/19/2013, Location: Africa

Fastnet, the listed E&P company focused on near-term exploration acreage in Morocco and the Celtic Sea, announces its interim results for the six month period ended 30 September 2013.

Operational Highlights
- Substantial prospect inventory being matured on and offshore Morocco
- Successful entry into an exclusive option agreement with Oil and Gas Investment Funds to farm into eight exploration permits comprising the Tendrara Lakbir Petroleum Agreement, onshore Morocco
- Completed the largest ever 3D seismic survey in the Celtic Sea, covering a total area of 1,910 km2, acquired over the Mizzen and East Mizzen (1,400 km2) and Deep Kinsale (510 km2) areas

Morocco
- Farm-out agreement signed with SK Innovation for Foum Assaka Contract Area, for a contribution towards past costs incurred and up to two well carry comprised of a carry in the first exploration well on the Eagle Prospect (FA-1 Well) and first appraisal well (capped at US$100 million per well) or at SK Innovation's discretion a carry in a second exploration well (capped at US$100 million)
- Well planning underway for the FA-1 well in the Foum Assaka Contract Area, which Kosmos Energy Deepwater Morocco estimates to contain 360 mmboe of Pmean resources
- Publication of independent assessment of the Tendrara-Lakbir Licence Area showed a range of Gross Contingent Recoverable Resources from approximately 311 BCF (Best Estimate) to 892 BCF (High Estimate) for the TE-5 Structure

Cathal Friel, Executive Chairman of Fastnet, commented: "Fastnet has continued to make excellent progress this year. We have significantly increased our acreage position onshore Morocco following the entry into an exclusive option to farm-in to the Tendrara-Lakbir Petroleum Agreement, which we now plan to exercise and drill an appraisal well. The Company also completed the largest ever 3D seismic survey in the Celtic Sea, an area which has seen renewed industry exploration interest following the successful Barryroe appraisal well in 2012 and more recently in 2013 Statoil's Bay du Nord Discovery in the geologically analogous Flemish Pass Basin, offshore Canada.

"Since the period end, we have successfully raised 10.0 million through an oversubscribed placing and entered into a farm-out agreement with SK Innovations in the Foum Assaka Contract Area, offshore Morocco, with well planning now underway for the FA-1 well on the Eagle prospect. Offshore Morocco has attracted high calibre new entrants in the past 12 months including BP, Chevron, Cairn Energy, Galp, Genel and Total and this exciting exploration province remains a key focus of industry attention. Fastnet will be at the forefront of significant near term drilling activity planned over the next two years.

"Going into 2014, Fastnet has a strengthened balance sheet and is now fully funded to exploit its portfolio to drive shareholder value through an active drilling programme both offshore and onshore Morocco in 2014 and through participation in high impact exploration opportunities offshore Ireland by completing our farm-out process."




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