Fastnet’s onshore Moroccan asset could be worth €45m to Dublin firm

The onshore Moroccan asset partially held by Irish exploration company Fastnet Oil & Gas is likely to hold more than double the amount of reserves than first anticipated, and could be worth nearly $60 million (€45m) to the Dublin firm.

A newly completed independent survey (by SLR Consulting) of the onshore Tendrara-Lakbir licence in Morocco puts at 310.5 billion cubic feet of gas the best recoverable resource estimate, based on a 65% recovery factor.

The latest assessment of the prospect, in which Fastnet holds a near 38% net interest and shares ownership with the Moroccan Government and the Oil and Gas Investment Funds syndicate, also values Fastnet’s stake in the asset at $58m.