EXPLORATION company Fastnet Oil & Gas is to buy into a drilling licence in North Africa.
In a statement this morning, the Dublin based company said it had agreed to exercise its option over a 50pc share of a proposed oil and gas exploration licence application onshore Morocco. The “Merada Licence Application” as it is known, is subject to approval by Moroccan authorities.
Company chairman Cathal Friel said he was “very pleased” to have made the move.
“With Merada in place, we have potential exposure to some high impact, near term and relatively low risk exploration wells which should allow us to give our shareholders material upside potential contained within the licence area.
“Following further evaluation of the seismic data and a site visit to look at the reservoir, our management team is confident that a much larger basin centre Tortonian fan play is present in the block than previously anticipated,” he added.
Fastnet shares rose by more than 7pc in early trading in London.