Fastnet Finds No Comercial Oil in FA-1 Well (Morocco)

Fastnet Oil & Gas Plc has reported that the FA-1 well in the Foum Assaka Offshore block has reached a total depth of 3,830 meters and will be plugged and abandoned after failing to encounter commercial hydrocarbons.

The well, which is the first in a series of play-opening wells designed to unlock the Agadir Basin, was drilled to test the salt diapir play concept targeting the Cretaceous interval in a combined structural-stratigraphic trap. This is one of several independent play types and fairways present in the Agadir Basin.

Importantly, FA-1 encountered oil and gas shows while drilling and in sidewall cores suggesting the presence of a working petroleum system. The well has also provided key seismic calibration information and the well results will now be integrated into Kosmos’ ongoing petroleum system analysis; in particular, the assessment of charge and reservoir play risks, as well as the evaluation and ranking of trap types ahead of the next tests of this petroleum system in 2015 and beyond.

Commenting, Paul Griffiths, Managing Director of Fastnet, said: “The FA-1 well has been drilled to total depth within budget. It is the first exploration well in the Foum Assaka licence area and as such has provided valuable information to support and enhance the ongoing evaluation of the licence. Fastnet is pleased that its strategy of funding high risk:high reward drilling offshore Morocco by means of its previously announced farmout allows the  Company to fully participate in the further evaluation of the prospective areas of the licence.”