Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/fastnet-oil-gas-completes-foum-assaka-licence-farm.shtmlFastnet Oil & Gas completes Foum Assaka Licence farm-out
Fastnet Oil & Gas is pleased to announce formal completion of its farm-out of a 9.375% interest in the Foum Assaka Licence,
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Fastnet Oil & Gas is pleased to announce formal completion of its farm-out of a 9.375% interest in the Foum Assaka Licence, off-shore Morocco, to SK Innovation, the energy and chemicals affiliate of SK Group, South Korea's third largest conglomerate. Completion had been previously subject to receipt of a Joint Ministerial Order from the Moroccan Authorities confirming the farm-out and approval for the farm-out transaction from the Korean Ministry of Trade, Industry and Energy.
Following the completion of the Transaction, SK Innovation is due to pay Fastnet accumulated back costs of US$20.4 million. Fastnet is also carried through its share of the drilling costs for the FA-1 well, which is currently ongoing, up to a gross well cost of $100m as well as either an appraisal well or, at SK Innovation's discretion, a further exploration well (also capped at USD$100m gross).
