Fastnet records loss of £1.5m in half year to end of September
FASTNET Oil & Gas said it posted a net loss of £1.5m during the six months to the end of September.
The explorer played down the loss, which is considered normal for oil and gas companies that are not yet producing commercially, as it ramped up its business and took on extra licences in Morocco.
Company chairman Cathal Friel said six months had been “transformational” for the company.
“We have successfully built the foundations of an oil and gas exploration business by acquiring a material portfolio of exploration assets.
“We have de-risked our Moroccan assets by acquiring 3D seismic which, in combination with partnering with an experienced operator with a track record of exploration success, has allowed us to quickly move to drilling scheduled for 2013.
“Our high-impact exploration programme for 2013 is fully funded as a result of the capital raised this year,” he claimed.
“The Company is now focused on delivering the next