Irish-based Fastnet Oil and Gas has completed a farm-out deal covering the Foum Assaka licence offshore Morocco to an Asian based investment group, SK Innovation. Under the deal SK Innovation – a subsidiary of SK Group, South Korea’s third biggest conglomerate – acquires 9.37% in the Foum Assaka area. A back payment of US $20.4 million is being paid by the Asian group to cover prior exploration costs, leaving Fastnet also with 9.37% equity in the Kosmos Energy operated asset.
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