Irish exploration firm acquires 37.5% stake in promising Moroccan licence

Irish exploration firm, Fastnet Oil & Gas has expanded its presence in Morocco by acquiring a 37.5% operating share in an onshore acreage which could transform the north African country from a near total importer of gas to a net exporter.

Currently, Morocco imports 98% of its gas; but five previous drilled wells at the Tendrara Lakbir licence — located in the Atlas Mountains — have encountered gas-bearing Triassic sands.

Fastnet, which already plans to drill its maiden well, offshore Morocco at the end of this year, has farmed into eight exploration blocks within the 14,548sq km Tendrara permit.