Irish and UK listed exploration company Fastnet Oil and Gas has reported an operating loss of $2.9m for the year to the end of March, an improvement on the $3.5m loss reported the previous year.

Fastnet said this reflected the low operating costs incurred when using external consultants and advisors for specific value adding projects only. 

The company reported a strong balance sheet with $17.4m cash reserves at the end of March and almost $20m at the end of July after the completion of the Foum Assake farm-out deal to SK Innovation. 

It is fully funded to meet all current licencing phase commitments and obligations, the company added in its results statement today. 

It has a total of 25,192km squared under licence with primary drilling and appraisal prospects matured for drilling. 

During the year, the company said realised five major performance objectives. These included the completion of an extensive 3D seismic programme over the Deep Kinsale Prospect and Mizzen area in the Celtic Sea, while the farm-out of its Foum Assake Licence off the coast of Morocco was also completed. 

The company also drilled the F1 well on time and under budget, while it extended and improved the commercial terms on the Tendrara Lakbir option deal as well as improving the terms on the Deep Kinsale option deal.

Fastnet said it has a busy year ahead of it as it continues to drive the business forward.