Oil and exploration company Fasnet has reported an operating loss of £1.56m sterling for the six months to the end of September.
During the six month period, the company successfully raised £10m in funds and said it had £8.4m in cash by the end of September.
Fastnet has a portfolio of material and ''potentially transformational'' exploration assets in the Celtic Sea and Morocco.
It said that activity in the group over the next 18 months will primarily focus on acquiring new seismic and re-processing former seismic data.
The current schedule will lead to a maiden well for the group offshore Morocco at the end of 2013.
''Fastnet has demonstrated its ability to grow shareholder value through using its experienced management team to acquire, at low entry cost, a portfolio of attractive exploration licences with material exploration prospects. The Company is now focused on delivering the next stage in the value-creating cycle through the drill bit,'' the company's executive chairman Cathal Friel said.
