Exploration firm Fastnet has acquired an option to earn a 37.5 per cent stake in eight exploration blocks in the Tendrara Lakbir onshore permit in Morocco’s Atlas mountains.

The company, which is listed on Dublin’s Enterprise Securities Market as well as London’s AIM market, said the area, which covers more 14,000 square kilometres, contains several gas discoveries and “a proven hydrocarbon system”.

Director Paul Griffiths said Fastnet had sourced a rig for the Tendrara drilling operations.

“A successful drilling result at Tendrara could be the catalyst to move towards an outline development plan and rapid monetisation of the original gas discovery,” he said.