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Fastnet Oil & Gas (FAST)

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Wednesday 12 February, 2014

Fastnet Oil & Gas

Foum Assaka Extension Period Agreement

RNS Number : 8475Z
Fastnet Oil & Gas PLC
12 February 2014
 



12 February 2014

 

Fastnet Oil & Gas Plc

 Ministerial Order approving entry to First Extension Period of Foum Assaka Petroleum Agreement, Offshore Morocco

Fastnet Oil & Gas Plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focused on near term exploration acreage in Africa and the Celtic Sea is pleased to announce that it has been granted Government Approval to enter the First Extension Period of the Foum Assaka Petroleum Agreement, Offshore Morocco. The First Extension Period extends the licence for the 30 months to 30 June 2016 during which there is a commitment for one exploration well to be drilled.

Paul Griffiths, Managing Director of Fastnet, commented:

"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 cooperation with ONHYM and our other partners to execute the Foum Assaka drilling programme.

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".

 

 

For further information, please contact:

 

Fastnet Oil & Gas plc

Cathal Friel, Chairman

Paul Griffiths, Managing Director

+353 (1) 644 0007

 

 

 

Shore Capital

Nomad

Bidhi Bhoma, Edward Mansfield

Corporate Broking

Jerry Keen

 

+44 (0) 20 7408 4090

 

GMP Securities Europe LLP

(Joint Broker)

Rob Collins

 

+44 (20) 20 7467 2800

 

Davy

(ESM Adviser & Joint Broker)

John Frain, Anthony Farrell

 

+353 (1) 679 6363

 

 

 

Bell Pottinger

Philip Dennis, Rollo Crichton-Stuart, James Lea

 

+44 (0) 207 861 3232

 

Notes to editors

Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Africa. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market ("ESM") of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Africa strategies where it has been awarded four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 and Mizzen Basin) and acquired a material interest in the highly prospective Foum Assaka permit Offshore Morocco. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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