News Flash On The Aim Market Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.300

0.0%

Oct 31 9:30 AM EDT

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: miningoz	5/8/2014 6:44:48 AM
	of 161

Fastnet (FAST ) partner to develop its Irish assets imminently Tendrara Lakbir prospect Fastnet Tendrara Lakbir prospect — sometime in the summer. Dublin-based exploration firm Fastnet Oil & Gas is hopeful of beginning its planned asset disposal programme by the end of the year. The company — which has its shares listed in Dublin and London — has a basic plan of proving viability at each of its licences in Morocco and Ireland before selling them and directly returning the proceeds to shareholders, most likely via a tender offer. While Fastnet has one of the largest acreage positions in the Celtic Sea of any independent explorer,Management is however, still hopeful of selecting a partner to develop its Irish assets imminently. Each of Fastnet’s licence assets if found to be containing potentially commercial flows will be sold as individual subsidiaries. Fastnet has made another important step ahead of 2014 drilling with CPR confirmation of contingent and prospective resources at Tendrara as well as desktop studies confirming both a robust drill plan and potential development scheme,with 10+ wells planned to drill over the next 12 months. Potential of its onshore gas assets in Morocco. Based on a 65% recovery factor, the “best” estimate gross recoverable resource is put at 310.5bln cubic feet of gas (bcf). The work carried out by SLR Consulting points to a high estimate of 891.9bcf and a low of 30.1bcf. The study covers the eight exploration permits that make up the Tendrara-Lakbir licence. Interestingly, it ascribes a net present value of US$2.29mln per bcf, which underlines the value of the assets, which are being developed in partnership with the Oil & Gas Investment Funds and ONHYM, the Moroccan state oil firm. Separately, Houston-based NuTech has described the reservoir properties for the Triassic TAGI sand as consistent with good potential gas flow rates from a gross gas-bearing interval in TE-5 of 82.2 metres.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next