Gotta say you made me smile with that one, have to appreciate a bit of wit. At least youv'e been able to keep your sence of humour if not your money......I suspect like me and many others youv'e also kept your hope that SLE is still going to do it. Just a matter of when and how big. Off out now for my friday pint/s with a smile on my face ATB frus.
Irish-listed Fastnet reports net loss of $1.6million Company says drilling on a second well on Foum Assaka farm-out is likely
Fastnet said the Celtic Sea and Tendrara Lakbir farm-out processes commenced in recent months Fastnet said the Celtic Sea and Tendrara Lakbir farm-out processes commenced in recent months Charlie Taylor
Topics: Business Energy Carol Law Fastnet Fri, Dec 19, 2014, 08:14 First published: Fri, Dec 19, 2014, 08:14 Fastnet, the oil and gas company focused on near term exploration acreage in Africa and the Celtic Seas, has reported a net loss of $1.6 million (€1.3 million) for the six months to the end of September. The Irish-listed firm attributed the loss to general and administrative costs linked to an increase in technical work. It forecast that such costs will likely reduce from $275,000 a month to $215,000 a month in 2015. The group said it had a cash balance of $18.8million at the end of September, compared to $17.4million for the preceding six months and $10.9 million a year earlier. During the six-month period under review, Fastnet completed the Foum Assaka farm-out in Morocco to SK Innovation, leading to the re-imbursement of $20.4millon in licence back costs and reducing the group’s cost exposure to the FA-1 well to $2.75million. With the first well encountering live oil shows, drilling on a second well on the licence is likely in the near future, Fastnet said. The Celtic Sea and Tendrara Lakbir farm-out processes also commenced in recent months and are ongoing with the company saying it was working towards bringing in partners to further pursue exploration activities. “The oil and gas sector is faced with challenging times but looking ahead to 2015, we believe that Fastnet’s portfolio will increase in marketability as industry focus moves towards profitable shallow water and onshore projects in attractive fiscal regimes with low operating costs. In this regard, we will continue to work towards bringing in partners to further pursue exploration activities across our portfolio and seek appropriate licence extensions to enable us to execute this strategy,” said newly-appointed chief executive Carol Law. “Fastnet is well positioned as a result of a strong balance sheet, management team and asset portfolio. Prudent management will deliver a significant reduction in ongoing general and administrative costs going forward and we will continue to develop and grow the asset portfolio in a selective and low-cost manner as is possible,” she added. Fri, Dec 19, 2014, 08:14 First published: Fri, Dec 19, 2014, 08:14
is on the edge of success with their shale..a lot of learning has been learnt and will be used on lewino..the vertical..was the test of a successful frac design(thanks to JP)..things are going to hot up in the next number of months..cop will carry on on 3legs acreage but drill higher in the acreage where gas rather than oil prominent..bnk could might still go it alone with another lateral maybe with a partner we will see soon!..rogity flowed oil partly shale partly conventional..1 well 5.5mmboe recoverable..we have 204 sq miles...this is massive
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.