Fastnet Oil and Gas upbeat on Morocco & Ireland

Thursday 19 December 2013 08.22
Fastnet Oil & Gas executive chairman Cathal Friel upbeat on the months ahead
Fastnet Oil & Gas executive chairman Cathal Friel upbeat on the months ahead

Exploration firm Fastnet Oil and Gas has reported a net loss of $856,000 for the six months to the end of September but said that it has cash reserves of $10.9m.

Fastnet said it is fully funded to drive shareholder value through an active drilling programme both offshore and onshore Morocco next year.

During the six month period the company significantly increased its position in Morocco after agreeing a farm-in to the Tendrara-Lakbir petroleum agreement. 

Fastnet also completed the largest ever 3D seismic survey in the Celtic Sea, off the coast of Ireland. 

The area has seen renewed industry interest after the successful Barryroe appraisal well in 2013 and Statoil's Bay du Nord discovery in the geologically analogous Flemish Pass Basin off the coast of Canada this year.

The company said that it successfully raised £10m sterling through an oversubscribed placing and entered into a farm-out deal with SK Innovations in the Forum Assaka contract area off the coast of Morocco. 

"Going into 2014, Fastnet has a strengthened balance sheet and is now fully funded to exploit its portfolio to drive shareholder value through an active drilling programme both offshore and onshore Morocco in 2014 and through participation in high impact exploration opportunities offshore Ireland by completing our farm-out process," commented the company's executive chairman Cathal Friel.