Sunday 22 October 2017

Fastnet declares start of farm-outs

Oil and gas explorer Fastnet has said that farm-outs have commenced both in the company's offshore Morocco and Irish sites, meaning other parties will come on board to further the drilling process and reimburse some of the company's costs accrued so far.

The company said it expects to meet all of its obligations including the drilling of an initial well in Morocco, at a cost of €7m.

According to Dublin stockbrokers Goodbody, "in a short space of time Fastnet has built a portfolio of assets, put in place a programme of activity and set in motion farm-out processes to progress drilling activity . . . (which) suggests a degree of confidence on the part of management".

IRISH LAUNCH FOR MAIN SPOTIFY RIVAL

Napster, the subscription music-streaming service challenging Spotify in the US, has launched in Ireland and is expanding its offering into the rest of Europe.

The company says it aims to boost subscriptions five-fold over the next three years. Its service costs around €10 a month and has about 1 million subscribers in the US, UK and Germany, according to the president of its parent company Rhapsody.

NEW BID TO STOP QUINN LITIGATION

A RENEWED bid has been made to prevent members of bankrupt businessman Sean Quinn's family litigating claims that the former Anglo Irish Bank unlawfully "shovelled" €2.34bn in loans into Quinn companies.

The special liquidators of Irish Bank Resolution Corporation (IBRC), formerly Anglo, want the Supreme Court to overturn a High Court decision permitting Patricia Quinn and her five children to litigate claims Anglo advanced the loans for the unlawful purpose of propping up its share price.

They claim Anglo illegally made loans from September 2007 to fund margin calls on contract for difference (CFDs) positions - which requires a seller to pay to a buyer the difference between the current value of an asset and its value at contract time..

TASC PROPOSES 'WATER CREDITS'

Independent Irish think-tank TASC has launched proposals for what it calls an equitable form of water charging. Its model would involve 'water credits' as a subsidy for low-income and special-needs households combined with increasing block tarrifs, so that those who use the most water pay most. "Metering is essential to ensure equity and environmental sustainability," said TASC policy analyst Dr Aoife Ni Lochlainn.

Irish Independent

Also in Business