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July 18, 2012

Fastnet Oil and Gas acquires Pathfinder Hydrocarbon Ventures

Fastnet Oil and Gas has acquired the entire issued share capital of Pathfinder Hydrocarbon Ventures from its parent company, Pathfinder Energy Maghreb, for $8m.

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Fastnet Oil and Gas has acquired the entire issued share capital of Pathfinder Hydrocarbon Ventures from its parent company, Pathfinder Energy Maghreb , for $8m.

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"The company also has a 12 month option to take a 50% participating interest in the Merada (Onshore) Petroleum Agreement."

Prior to the acquisition, Pathfinder and PEMP entered into a royalty agreement in relation to the Foum Assaka licence area, under which Pathfinder will pay PEMP a one percent royalty of the gross amount recovered from sales of oil and gas from the licence area.

Fasnet will pay $1m in cash and issue 40.6 million new ordinary shares for the capital and an additional contingent consideration of $1m is payable, on the condition that Pathfinder receives payment from Kosmos Energy Deepwater Morocco , the operator of the licence.

The acquisition will provide the company will an 18.75% stake in the Foum Assaka Offshore Petroleum Agreement and Exploration Permits within the Agadir Basin covering an area of 6,500 square kilometres.

Steve Staley, Fastnet Oil and Gas CEO, said: "We are pleased that we will be working with Kosmos and will benefit from the tremendous experience they have gained through discovering and quickly bringing into production the Jubilee Field offshore Ghana – a field which shares similar geology to the acreage in the offshore block we are acquiring today. I look forward to updating shareholders as to progress."

The company also has a 12 month option to take a 50% participating interest in the Merada (Onshore) Petroleum Agreement.

The Foum Assaka Offshore Petroleum Agreement includes Foum Assaka I, II, III and IV.

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Carbon Capture, Utilization, and Storage set to play key role in reducing global emissions

Carbon Capture, Utilization, and Storage (CCUS) has emerged as one of the key technologies set to reduce carbon emissions, proving especially useful in projects where eliminating all process emissions is not possible  As a result, Oil & Gas companies are investing in CCUS projects as part of ongoing strategies to reduce their emission footprint and boost sustainability efforts.   Our recent report, CCUS Strategies in Oil and Gas, reveals that the energy sector accounts for approximately three-quarters of total greenhouse gas emissions and has a key role to play in reducing global warming over the coming decades.   Our report will help you:  
  • Understand CCUS and its importance in reducing global emissions 
  • Analyze CCUS plant trends 
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