Fastnet Oil & Gas has been granted Government Approval to enter the First Extension Period of the Foum Assaka Petroleum Agreement, Offshore Morocco. The First Extension Period extends the licence for the 30 months to 30 June 2016 during which there is a commitment for one exploration well to be drilled.

Paul Griffiths, Managing Director of Fastnet, commented,"We are pleased that the Foum Assaka partnership has received approval to enter the next phase of the Petroleum Agreement and we look forward to continuing our close cooperation with ONHYM and our other partners to execute the Foum Assaka drilling programme.

On receipt of all regulatory approvals and completion of the farmout agreement with SK Innovation, Fastnet will be carried through its share of drilling costs for the initial Foum Assaka commitment well, as previously announced, and in any follow-up appraisal well in the event of a discovery".

Tags: Fastnet Oil and Gas