FAST.L Share News (FAST)

Cantor Fitzgerald has slashed its target price for AIM-listed Fastnet Oil & Gas after the company plugged and abandoned one of its wells offshore Morocco.Fastnet said that the FA-1 well in the Foum Asska Offshore block, the first in a series of play-opening wells designed to unlock the Agadir Basin, failed to encounter commercial hydrocarbons.Analyst Sam Wahab said this was a "disappointing outcome for Fastnet"."Nevertheless it is important to highlight that Fastnet is carried through its share of the drilling costs of this well and one other, subject to a gross maximum well cost of $100m per well. "In terms of valuation, we increase our overall risking of Moroccan frontier acreage, especially following Cairns unsuccessful well in December 2013. On this basis, whilst we anticipate an initial sell-down this morning, we retain our 'buy' recommendation, reducing our target price to 19p (from 28p)."The stock was 42.4% lower at 6.12p by 13:00.BC