Project Profile
Location: Offshore Agadir Basin, Morocco
Area: 6,473 km2
Water Depth: 300 metres to 2,100 metres
The Foum Assaka Offshore Petroleum License includes four Exploration Permits (Foum Assaka I, II, III and IV) that cover an area of 6,473 km2 in the offshore Agadir Basin in water depths ranging from 300 metres to 2,100 metres. To date, no well has been drilled within the Foum Assaka permits. Two wells have been drilled in the outboard basin area; critically there has been no valid test of the main objective which is the Tertiary turbidites. The current Foum Assaka Petroleum Agreement was applied for by Pathfinder and subsequently awarded to Pathfinder and KEDM, following an invitation from Pathfinder to Kosmos to join the Licence Application, on 4th May 2011, with ONHYM as the third member of the contractor group. The Petroleum Agreement is held under the terms of the Moroccan Hydrocarbon Code.
Initial exploration
The initial exploration period under the Foum Assaka Licence is two and a half years, effective from 1 July 2011. During the Initial Exploration Period, KEDM and Pathfinder have agreed to acquire, process and interpret 2,500 km2 of 3D seismic data, the minimum exploration work programme agreed with ONHYM was for 500 km2 of 3D seismic data.
Farmout Agreement
Prior to the issue of the Joint Ministerial Order, Pathfinder held a 37.5% economic interest (50% paying interest) in the Foum Assaka Licence. In November 2011, Pathfinder entered into a farmout agreement with KEDM under which: Pathfinder receive a payment of US$1 million and KEDM carry Pathfinder, capped at a gross cost of US$16.2million, for the Minimum Exploration Work Programme agreed with ONHYM for the Initial Exploration Period Pathfinder sold an 18.75% economic interest to KEDM, hence Pathfinder now hold an 18.75% economic interest in the Licence. The Farmout Agreement was subject to the issue of the Joint Ministerial Order, following approval from the Moroccan Minister of Energy, which has now been received. Currently, Fastnet holds a 25% Gross (18.75% net) carried interest in the highly prospective Foum Assaka licence area, offshore Morocco with Kosmos Energy holding a 75% Gross (56.25% net) working interest. SK Innovation\'s took half of Fastnet\'s 25% interest to hold 12.5% interest in the field as of December 2013.
Operators:
Kosmos Energy: Operator with 29.925% interest
BP: 26.325% interest (relinquished in June 2016)
Fastnet: 9.375% interest
SK Innovation: 9.375% interest
ONHYM: 25%
Contractor:
Atwood Oceanics: Drilling using drillship Atwood Achiever