Morocco: SK farms into Foum Assaka

South Korea’s SK Innovation has farmed into Kosmos Energy’s Foum Assaka contract area in the Agadir Basin, buying a 12.5% stake from Fastnet Oil & Gas ahead of drilling next year. The deal includes a cost carry for a first exploration well on the Eagle prospect and an appraisal well or second exploration well, plus reimbursement of past costs. A well on the Eagle prospect is expected to spud in late Q1 2014. On completion, the equity split for the block will be Kosmos 39.9% and operator, BP 35.1%, Fastnet’s Pathfinder Hydrocarbon ventures subsidiary and SK 12.5% each, and the state Office National des Hydrocarbures et des Mines 25% carried interest.