Fastnet Oil & Gas: Completion of Foum Assaka License Farm-out

Date : 04/30/2014 @ 6:44AM
Source : Dow Jones News
Stock : BP P.L.C. (BP)
Quote : 34.0  -0.15 (-0.44%) @ 7:34PM

Fastnet Oil & Gas: Completion of Foum Assaka License Farm-out

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LONDON--Fastnet Oil & Gas PLC (FAST.LN), a company focused on exploration acreage in Africa and in the Celtic Sea, Wednesday announced the formal completion of its farm-out of a 9.375% interest in the Foum Assaka License, off-shore Morocco, to SK Innovation.

MAIN FACTS:

-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.

-SK Innovation is due to pay Fastnet accumulated back costs of $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 $100 million as well as either an appraisal well or, at SK Innovation's discretion, a further exploration well (also capped at $100 million gross).

-Fastnet holds its interest in the Foum Assaka license area through its subsidiary Pathfinder Hydrocarbon Ventures Ltd.

-Following completion of the transaction, Fastnet will hold a 9.375% interest in the Foum Assaka License, with Kosmos Energy Deepwater Morocco, a subsidiary of Kosmos Energy Ltd. holding 29.925%, BP PLC 26.325%, SK Innovation 9.375% and ONHYM the remaining 25%.

-Fastnet Oil shares at 1012 GMT traded up 0.38 pence, or 3.5%, at 11.25 pence, valuing the company at GBP38.9 million.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

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