Dublin based exploration firm, Fastnet Oil and Gas, has announced its intention to shift its focus away from oil and gas exploration and would instead seek investment opportunities in healthcare.
In an announcement to the stock exchange, the company also said it would not spend any more resources on its Celtic Sea portfolio of licensing options.
The company, which has oil and gas exploration assets offshore Morocco and Ireland, will seek shareholder approval for the changes at a meeting on August 28th.
In March, the company said it was open to partaking in merger and acquisition activity.
However, today the board of Fastnet said it had not been able to identify such opportunities in the oil and gas sector which would create value for shareholders.
It said it believed the economic conditions had created an environment in which it was not possible to find partners to carry.
The company has available cash assets of just under $16 million.
The company's share price has shown quite a degree of volatility in the aftermath of the announcement.
Having initially gained over 8% in London, it then settled back closer to yesterday's closing price before closing over 6% higher this evening.
