Fastnet welcomes the announcement by Kosmos Energy Limited (Kosmos) that it has entered into a one well rig share agreement with BP plc ("BP") and Maersk Drilling, a unit of A.P. Moller-Maersk Group, for the Maersk Discoverer rig. The rig is expected to commence drilling operations on the FA-1 (formerly Eagle-1) exploration well in the Foum Assaka Offshore block in Morocco during the first half of 2014. Kosmos has stated that it expects to spud the FA-1 well in the first half of the year, with drilling operations expected to take approximately three months to complete.

Fastnet will be carried through its share of the drilling costs by SK Innovation (subject to an agreed maximum spend) who entered into a farm-out agreement with the Company for a 12.5% paying interest in the Foum Assaka block. Completion of the farm-out remains subject to the customary closing conditions as previously announced.

Tags: Fastnet Oil and Gas