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.

The deal means Pathfinder will sell an 18.75% economic interest to Kosmos, leaving the firm with an 18.75% stake in the licence.

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."