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Northland Capital Partners View on the City: Fastnet Oil & Gas

Northland Capital Partners View on the City: Fastnet Oil & Gas



  • Kosmos has announced a rig sharing agreement with BP and Maersk for the Maersk Discover rig for its Foum Assaka drilling campaign.
  • Drilling of the FA-1 well in the Foum Assaka permit offshore Morocco is expected in H114 and operations are expected to take around 3 months.
  • Foum Assaka is estimated by Kosmos to have potential for 360mmboe of Pmean resources.
  • Fastnet has a 9.4% carried interest following the recent farm out to South Korean conglomerate SK Innovation (subject to a spending cap of $100m on an exploration well).
  • If successful, Fastnet will also be carried on an appraisal well of the equivalent value.

NORTHLAND UK VIEW:  News reflects further rapid progress for Fastnet that has been a pioneer of the recent Moroccan exploration. Cain Energy’s (CNE.L) F1 Wildcat in the Foum Draa targeting late Jurassic/early cretaceous formations well kicked off exploration in the region in Q313. Though this was announced unsuccessful on 20th December it established gas shows and an active thermogenic petroleum system but no commercial reservoir. The Kosmos operated FA-1 well will target younger cretaceous targets. Cairn will now move on to test its Cap Juby prospect a middle Jurassic Carbonate prospect (shortly) in the Juby Maritime Block where it also partners Genel Energy (GENL.L). Genel Energy is set to drill a well in the Sidi Moussa permit in H114. As we have stated, we expect the next 12—18 months to mark a busy exploration period for the territory with up to 12 exploration wells expected in what is certainly one, if not the, exploration hot spots for 2014.

1. Northland Capital Partners Limited (“Northland”) acts as Nominated Advisor and/or Broker to the company.

2. Northland) and/or its affiliates companies do beneficially own 1% or more of any class of the issuer’s equity securities, as of the end of the month immediately preceding the date of issuance of the research report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month. 

3. The authoring analyst or any associate of the authoring analyst does maintain a long or short position in any of the issuer’s securities directly or through derivatives, including options or futures positions.

4. Northland, its affiliated companies, partners, officers, directors or any authoring analyst of Northland has provided services to the issuer for remuneration during the preceding 12 months other than investment advisory or trading services.

5. Northland or any of its affiliated companies has performed investment banking services for the issuer during the 12 months preceding the date of issuance of the report.  

6. A partner, director, officer, employee or agent of Northland or any of its affiliated companies is an officer, director, employee or advisor of the issuer.  Disclosures are applicable for all companies

7. The authoring analyst, or any associate of the authoring analyst, has viewed the material operations of the issuer. 

8. The authoring analyst, or any associate of the authoring analyst, received reimbursement for travel expenses.

9. Northland makes a market in the securities of this company.




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