Fastnet Oil and Gas has appointed Carol Law as its new chief executive. Ms Law has been an executive director at the exploration firm since 2012.
The company, which is mainly focused in in Morocco and the Celtic Sea, also said that Cathal Friel will take up the role of non-executive chairman.
This was the role he had before the company's acquisitions of Pathfinder Hydrocarbon Ventures in 2012.
Fastnet also said today that its managing director Paul Griffiths has resigned from the board and will leave the business to pursue other business opportunities.
The exploration company said today that due to the rapidly changing economic conditions in the oil and gas sector, it has undertaken a detailed review of its portfolio to make sure that its strategy to grow the business and monetise its assets remain on track.
Fastnet said that although the recent decline in oil prices and adverse market sentiment for the oil and gas sector has proved to be challenging for all companies involved in the sector - large and small - it remains "firmly committed" to building a successful oil and gas business.
It said that as the industry and markets adjust to new levels of oil pricing, the company expects the industry focus will move towards profitable shallow and onshore projects in attractive fiscal regimes with low operating costs.
"The board believes Fastnet's portfolio increases in marketability based on the above premise," the company stated.
