Drilling imminent at Fastnet licence

Drilling at the highly anticipated Moroccan offshore licence, in which Dublin-based explorer, Fastnet Oil & Gas holds a significant stake, is expected to begin next month.

Fastnet — which has a 12.5% shareholding in the Foum Assaka field, which contains an estimated 360m barrels of oil equivalent, said yesterday that lead partner on the licence, US explorer Kosmos Energy has confirmed that it expects the FA-1 well, on the licence, to “spud” during March.

Such a date would be in line with previous timing estimates for the commencement of drilling activity and follows last month’s announcement that a rig had been secured to execute high impact drilling at the block.