Fastnet Oil & Gas Plc Provides Africa & Celtic Update

By Joseph R. Fonseca
Thursday, May 22, 2014
Image

 

Ahead of investor meetings today, Fastnet, the E&P company focused on exploring in Africa and in the Celtic Sea, provides an update on its operations, including its proposed forward work programmes and farm-out activities.
 
An updated corporate presentation is now available on the Company's website (http://www.fastnetoilandgas.com/investor-relations/presentations/2014.aspx) providing an overview of the Company's recent corporate developments and its asset portfolio.

Morocco

Foum Assaka

·     * Foum Assaka Offshore project costs net to Fastnet from licence acquisition through prospect portfolio development to the completion of the first exploration well (FA-1) are less than USD $2.75m
 
·     * The Company's in-house post well studies are encouraging for continued evaluation of the hydrocarbon prospectivity of the block
 
·     * The FA-1 and Cairn's FD-1 Foum Draa wells are "range-finding" wells that allow us to better focus on the main reservoir fairways
 
·     * Pre-stack Depth Migration can now be constrained and calibrated by actual well velocities
 
·     * Seismic amplitude "technology" driven definition of exploration prospects pre-drill can now be better calibrated based on actual well data tied to a better understanding of seismic sequence stratigraphy
 
·     * The Early Cretaceous remains an important target in Foum Assaka based on analogies with the Moroccan conjugate margin equivalent of Nova Scotia where this interval is the main focus of attention for the oil majors
 
·     * Management believes all aspects of the petroleum system have now been de-risked with the exception of reservoir thickness and quality which remains the main challenge to address pre-drill Tendrara

·     * The pre-stack depth migration reprocessing is expected to be completed in the coming weeks and this will allow us to refine our TE-6 well location and design

 Celtic Sea

Deep Kinsale

·     * 3D seismic confirms five potential reservoir targets with potential for substantial in-place oil based on structural size, up to 140 sq. km., and presence of oil logged in legacy wells 48/20-1a and 48/25-1
 
·     * 3D seismic has confirmed potential for reservoir development and has significantly reduced the risk of reservoir compartmentalisation, two legacy issues that have previously held back farmout efforts, which were based only on limited 2D seismic coverage
 
Mizzen

·     * 3D seismic confirms potential for a new frontier exploration basin that is the conjugate margin equivalent of the Flemish Pass and Jeanne d'Arc Basins of Eastern Canada, which hold large hydrocarbon fields and recent discoveries
 
·     * 3D seismic has defined new amplitude-supported potential gas structures and large stratigraphic traps
 
·     * Multiple prospects and leads with potential for multi-TCF in-place gas
 
·     * A two-stage farmout process is underway with increased interest following the highly successfully Celtic Sea Conference held in Dublin in April.

 Funding

·     * Current Cash Balance of USD $22m
 
·     * Fully funded for planned work programmes in Morocco and Ireland
 
·     * Second well carry in Foum Assaka, subject to USD$100m cap, in the event of an appraisal well or, at SK's discretion, a further exploration well
 
·     * Up to USD$20m of past costs in the Celtic Sea potentially recoverable subject to a successful first stage farmout

Commenting, Paul Griffiths, Managing Director of Fastnet, said, "In challenging times for the oil and gas sector we are satisfied that Fastnet is prudently managing its cash resources whilst still creating momentum in developing its portfolio of offshore and onshore assets to a stage where drilling can occur. The FA-1 well represented a high risk - high reward drilling opportunity that was executed with minimal financial risk to Fastnet shareholders through a prudent and successful farmout process. Whilst high risk - high reward drilling opportunities continue to be developed in Foum Assaka following FA-1, the remainder of the portfolio, which contains much lower risk but
equally high reward multiple prospects, continues to be matured ready for drilling. We will pursue our strategy of reducing our financial exposure to drilling through a tried and tested farmout process on the basis that exposure to sustained drilling activity offers the best opportunity to create substantial value through the drill bit."
 

Fastnet

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Seaborne Ethane and Demand for a New Ship Type

Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.

Editorial: software ... is it ‘evolution’ or ‘revolution’ ...

The August “Shipbuilding Annual” is one of my favorites to research and produce every year, but even more so when this edition coincides with the SMM exhibition in Hamburg,

WR Launches On-stack Scrubber Emission Monitor

WR Systems (WR), the U.S.-based maritime technology company, is launching a new variant of its laser-based-emissions monitor at the SMM 2014 Fair in Hamburg. Called the Emsys-iS,

Legal

Wishful Thinking From Across the Pond

European Shipowners Pursue Softening of the Jones Act Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined that

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

Pariah Containership Banned from Australian Ports

The Australian Maritime Safety Authority (AMSA) informs that it has issued a direction to the container ship 'Vega Auriga' (IMO 9347786) that prohibits the ship

Offshore

ABS to Class First Self-elevating Unit Built in Qatar

ABS, a provider of classification services to the global offshore industry, was selected by Nakilat-Keppel Offshore & Marine (N-KOM) to class its LB310S liftboat,

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Finance

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

Governors Write Obama for Mississippi River Funding

Governors seek President Obama’s support for upper Mississippi River commercial navigation locks and ecosystem The Governors of the five Upper Mississippi River States of Illinois,

Energy

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

Scottish Independence Would Hurt Maritime Sector

A vote for independence from the U.K. would have a negative effect on the Scottish shipping and offshore maritime sector, according to a survey by leading international

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

News

Reflex Marine to Bring FROG-6 into Mexico

Reflex Marine has been granted approval by the Mexican Merchant Marines to sell its crane transfer device, the FROG-6, in Mexico. The certification is a result

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

Seaborne Ethane and Demand for a New Ship Type

Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.

Offshore Energy

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1982 sec (5 req/sec)