Exploration company Fastnet has acquired an option to earn a 37.5% stake in eight exploration blocks in the Tendrara Lakbir onshore permit in the Atlas mountains onshore Morocco.
The permit contains a proven hydrocarbon system and several gas discoveries. The area covers just under 15,000 sq kilometres.
The farm-in deal involves drilling a well before the end of next February and formulating an outline plan of development for the gas discovery.
Fastnet, which focuses on near term exploration acreage in Morocco and the Celtic Sea, said that it has sourced a rig for the upcoming Tendrara operations.
''The Tendrara Licence offers our shareholders an exciting early drilling opportunity to appraise an existing gas discovery,'' commented the company's managing director Paul Griffiths.
''A successful drilling result at Tendrara could be the catalyst to move towards an outline development plan and rapid monetisation of the original gas discovery,'' he added.
