Sunday 28 December 2014

Fastnet loses $856K but still has reserves of $10.9m

Published 20/12/2013 | 00:15

Irish exploration firm Fastnet Oil & Gas has completed a deal to farm out a 9.37pc interest in an off-shore Moroccan licence to South Korea’s SK Innovation.
Fastnet Oil is pursuing an off-shore exploration next year

EXPLORATION firm Fastnet Oil and Gas has reported a net loss of $856,000 (€626,000) for the six months to the end of September but said it still has cash reserves of $10.9m.

The firm said it was fully funded to "drive shareholder value through an active drilling programme both offshore and onshore Morocco next year". Company chairman Cathal Friel was optimistic about the year ahead. "Going into 2014, Fastnet has a strengthened balance sheet and is now fully funded to exploit its portfolio to drive shareholder value through an active drilling programme both offshore and onshore Morocco in 2014," he said.

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