Fastnet secures OK for Morocco farm down

Fastnet Oil and Gas said it had received approval from the Moroccan government to proceed with a farm down agreement on the Foum Assaka licence area.

The agreement involves Pathfinder Hydrocarbon Ventures, which Fastnet bought in July, and new partner Kosmos Energy.

Article continues below

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Steve Staley, CEO of Fastnet, said his firm was delighted to have been awarded government approval for the farm-down to Kosmos.

"The Foum Assaka licence area, offshore Morocco, is in a region that is attracting a lot of industry attention and with very prospective deepwater geology," he said.

"We are pleased we are working with one of the most respected deep water explorers and look forward to updating the market as we progress towards exploratory drilling."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.