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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

US Navy Accepts Delivery of Future USS Montgomery

The U.S. Navy has accepted delivery of future USS Montgomery (LCS 8) during a ceremony on June 23 at the Austal USA shipyard in Mobile, Ala.   Marking the official

Orca Energy ESS to Power Fish Farm Support Vessel

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO.

Legal

Statoil’s 50 years to be Recorded

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. The University of Oslo has been chosen the

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended

Vandermeiren is CEO, Antwerp Port

Jacques Vandermeiren (52) has been appointed CEO of Antwerp Port Authority as of 1 January 2017. He succeeds Eddy Bruyninckx who after 25 years at the head of the

Offshore

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned

FPSOs Sit Unprecedentedly Idle

While the oil and gas markets are starting to come to life, nearing the $50 per barrel mark, the future fate of floating production remains a mystery   The 20

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Marine Materials

Trelleborg Debuts New Dredging Hose in China

Trelleborg’s engineered products operation is now manufacturing a pre-bend rubber dredging hose in China – the only one of its kind available in the country, according to the manufacturer.

Hess Denmark Renews Integrity Inspection Contract with DNV GL

Hess Denmark ApS has awarded a contract to DNV GL to provide asset integrity inspection management of its South Arne field including Risked Based Inspection (RBI)

Bangladesh Ship Recycling Project Makes Good Progress

Stakeholders have been updated on progress made by the safe and environmentally sound ship recycling in Bangladesh (SENSREC) project - Phase I.   The project

News

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

Offshore Energy

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Ulstein Delivers for BS Offshore

The first of two service operation vessels (SOV) ordered in 2015 by Bernhard Schulte Offshore (BS Offshore) and its client Siemens from Ulstein Verft in is now completed,

FPSOs Sit Unprecedentedly Idle

While the oil and gas markets are starting to come to life, nearing the $50 per barrel mark, the future fate of floating production remains a mystery   The 20

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1548 sec (6 req/sec)