An agreement concerning gas exploration in the Oriental region has just been concluded between Fastnet Oil and Gas Plc, a subsidiary of Pathfinder Hydrocarbon based in London, and the Moroccan Oil and Gas Investments Funds (OGIF). The explorations will be carried out in the locality of Tendrara Lakbir, in the Oriental region, and will cover an area of 14,548 km2.

According to the National Office of Hydrocarbons and Mines (ONHYM), the wells drilled in 2006 in the region revealed significant gas accumulations.

Fastnet Oil and Gas, which will take 50% of the profits, will begin the evaluation and development phase no later than the beginning of next year. The oil company has also been present in Morocco since 2012 in the Foum Saka Offshore block in Agadir.

Paul Griffiths, director of Fastnet, says he is optimistic about this project: "When we have completed the first phases, provided that the drilling confirms our forecasts, we will increase the exploration area in Morocco. The Tendrara licence offers our shareholders a drilling opportunity to evaluate the quantity of existing gas." As a reminder, Fastnet Oil & Gas Plc is an independent oil and gas exploration company focused on identification and early-stage exploration and evaluation opportunities off the coast of Ireland and in Africa. It is listed on the AIM market of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange.