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Fastnet Oil & Gas: Completion of Foum Assaka License Farm-out

LONDON--Fastnet Oil & Gas PLC (FAST.LN), a company focused on exploration acreage in Africa and in the Celtic Sea, Wednesday announced the formal completion of its farm-out of a 9.375% interest in the Foum Assaka License, off-shore Morocco, to SK Innovation. MAIN FACTS: -Completion had been previously subject to receipt of a Joint Ministerial Order from the Moroccan Authorities confirming the farm-out and approval for the farm-out transaction from the Korean Ministry of Trade, Industry and Energy. -SK Innovation is due to pay Fastnet accumulated back costs of $20.4 million. -Fastnet is also carried through its share of the drilling costs for the FA-1 well, which is currently ongoing, up to a gross well cost of $100 million as well as either an appraisal well or, at SK Innovation's discretion, a further exploration well (also capped at $100 million gross). -Fastnet holds its interest in the Foum Assaka license area through its subsidiary Pathfinder Hydrocarbon Ventures Ltd. -Following completion of the transaction, Fastnet will hold a 9.375% interest in the Foum Assaka License, with Kosmos Energy Deepwater Morocco, a subsidiary of Kosmos Energy Ltd. holding 29.925%, BP PLC 26.325%, SK Innovation 9.375% and ONHYM the remaining 25%. -Fastnet Oil shares at 1012 GMT traded up 0.38 pence, or 3.5%, at 11.25 pence, valuing the company at GBP38.9 million. -Write to Razak Musah Baba at [email protected]; Twitter: @Raztweet Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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