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Fastnet Oil & Gas (FAST)

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Thursday 14 November, 2013

Fastnet Oil & Gas

Foum Assaka Farm-Out Update

RNS Number : 9876S
Fastnet Oil & Gas PLC
14 November 2013
 



14 November 2013

 

         Fastnet Oil & Gas Plc

("Fastnet" or the "Company")

 

Foum Assaka Farm-Out Update

Fastnet (AIM: FAST, ESM: FOI) the listed E&P company focused on near term exploration acreage in Morocco and the Celtic Sea, is pleased to announce that it has selected a preferred bidder ("Preferred Bidder") and entered into an exclusivity agreement with that party in respect of the farm-out of its interest in the Foum Assaka licence area, offshore Morocco ("Licence Area").

The Preferred Bidder has been selected following the submission of final bids from interested parties. Under a non-binding letter of intent, the parties have agreed to proceed with negotiations in good faith towards entering a formal farm-out agreement ("FOA"). Under the FOA, Fastnet is expected to farm-out a share of its interest in the Licence Area in return for a contribution towards past costs incurred and also a carry through drilling activities in 2014. Completion of the transaction is expected to occur following the signing of the FOA and the satisfaction of customary conditions in relation to such transactions such as government approvals, the waiver of any pre-emption rights of the participants under the joint operating agreement ("JOA") and the consent of the other JOA parties.

 

Commenting, Paul Griffiths, Managing Director of Fastnet, said:

"We are delighted with the level of interest shown in the Licence Area and also by the calibre of the parties who submitted bids. The Preferred Bidder would be an excellent addition to the JOA party as a whole and we look forward to working with them to move towards execution of the FOA in the immediate term, with completion anticipated in Q1 2014."

 

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

 

Mirabaud Securities LLP

(Joint Broker)

Peter Krens, Edward Haig-Thomas

 

 

+44 (20) 7321 2508

 

Davy

(ESM Adviser & Joint Broker)

John Frain, Anthony Farrell

+353 (1) 679 6363



FTI Consulting

Edward Westropp, Natalia Erikssen

+44 (0) 207 831 3113

 

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 Morocco. 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 Moroccan 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 Foum Assaka permit Offshore Morocco alongside an exclusive option agreement over the Tendrara-Lakbir Licence which covers 8 exploration blocks. 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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