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Fastnet Oil & Gas (FAST)

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Tuesday 06 May, 2014

Fastnet Oil & Gas

Foum Assaka Well Update

RNS Number : 2626G
Fastnet Oil & Gas PLC
06 May 2014
 



Fastnet Oil & Gas PLC

 

6th May 2014

  

Fastnet Oil & Gas Plc

Foum Assaka Well Update

 

In Morocco, the FA-1 well in the Foum Assaka Offshore block has reached a total depth of 3,830 meters and will be plugged and abandoned after failing to encounter commercial hydrocarbons. The well, which is the first in a series of play-opening wells designed to unlock the Agadir Basin, was drilled to test the salt diapir play concept targeting the Cretaceous interval in a combined structural-stratigraphic trap. This is one of several independent play types and fairways present in the Agadir Basin.

Importantly, FA-1 encountered oil and gas shows while drilling and in sidewall cores suggesting the presence of a working petroleum system. The well has also provided key seismic calibration information and the well results will now be integrated into Kosmos' ongoing petroleum system analysis; in particular, the assessment of charge and reservoir play risks, as well as the evaluation and ranking of trap types ahead of the next tests of this petroleum system in 2015 and beyond.

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

 

"The FA-1 well has been drilled to total depth within budget. It is the first exploration well in the Foum Assaka licence area and as such has provided valuable information to support and enhance the ongoing evaluation of the licence. Fastnet is pleased that its strategy of funding high risk:high reward drilling offshore Morocco by means of its previously announced farmout allows the  Company to fully participate in the further evaluation of the prospective areas of the licence."

 

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
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