Member Info for ThinIce

If you haven't written this money off yet, you should probably think about it. I attended the last presentation on 16 December and it was largely concerned (in my view) with Tendrara and the company have now given that up - less than 20 days between that presentation and them subsequently declaring they have no further interest!. I do wish carol Law all the best but I suspect even with a cash balance of $18Million she is going to find it hard to convince the wider investment community.

The licence option will almost certainly be extended whilst negotiations continue with potential farm in partners. I would expect an RNS to that effect shortly. FAST are not looking to return cash to shareholders it is merely an option available to them (as it is with any business) subject to EGM approval. I am confident the shareholders would in any case vote to drill Tendrara with company reserves (i.e. without a partner). 70% COS.

Thanks Wizzard.

Same person (photo, career bio).

Grafton Energy Limited is an active company based in Bristol and appears to have one director - Will Holland. He has no other directorships listed. No mention of Fastnet on his linked in page. Something here doesnt smell right to me! Anyone else have any ideas?

Hi Punter It's too bizarre! Why would they start repatriating money when they have such a low overhead. They need only wait for the oil price to recover and try again! Not only that, but how are several seasoned oil executives going to fair in the world of medical technology! If there were any truth in it, I would think that the damage would have been done on Friday. What is a little weird however is that Will Holland is now showing as an employee of Grafton on linked in. I was sure his profile showed him as the CFO of Fastnet! Did you ever look at it? Cheers.

The precise text of an article in the WSJ was as follows: Before Thursday’s decision, some smaller companies were already reeling. U.K.-based Fastnet Oil & Gas PLC, which had a well come up dry in Morocco earlier this year, recently discussed returning the company’s remaining $25 million to shareholders or leaving the oil business to get into medical technology, said Chairman Cathal Friel. I am not sure when this comment was made but it must have been when we had $25 Million in the bank account so I suspect it was some time ago. I have today received an invitation to a presentation by Will Holland in London on 16th December and so if it was a statement of intent, I am sure this presentation would not be going ahead. I have emailed the company to check its validity but I don't expect a response. If he did make this comment to a reporter, its a damned silly and by someone who should know better. Terrible timing if we are trying to negotiate farm outs.

Hi chimp999 Hope you are well. This is excellent news and shows there is still appetite for exploration in relatively unchrtered waters (barryroe being the exception of course). What surprises me is that Lansdowne still don't appear to have negotiated a partner for Barryroe, but have managed to farm out another field. Or am I mistaken? ThinIce

And according to the 'Forward Work Programme' in the latest presentation (from Manchester 29/10/14) offers are expected this quarter from the majors in the tender process for the Celtic Sea farm-out. This could really start to move upwards before calendar y/e. Cheers ThinIce

WH (following up on the SG interview) and hinting at a possible acquisition: http://www.iii.co.uk/articles/200818/bp-and-shell-under-microscope

I am assuming if the price is rising on no news and modest volume, we have a buy order being filled! Perhaps we'll find out later today!? Good luck.

Hi MadStork I am not sure that is fact, but you may have better information than me. 'Quietly confident' of a farm out by year end was the last we got from PG and that was a couple of weeks ago. Certainly nothing further in the presentation posted here yesterday by GEML.. I do agree that we could comfortably be at 7p were this indeed the case. Thanks ThinIce

Thanks GEML - very interesting. It looks like the (potential) acquisition is reliant on the Celtic Sea farm out going ahead with anticipated terms (i.e. back costs). Pleased about that! Still not clear whether we will hear anything this side of xmas on that. All else seems to be in line with our current thoughts/time frames/expectations. BR ThinIce

FWIW my view is that we could be heading down to the east coast of Africa (possibly Kenya) on the acquisition trail. Cheers ThinIce

JP - think you're right in that Tendrara is the interesting play and Q1/Q2 is probably about right. The Celtic sea deal should however come with the $20Million re-imbursement of back costs and that could be more of a short term driver than the deal itself. There are a couple of reasons why I think this could come soon: - Paul Griffiths' reference to being 'quietly confident of a deal before year end'. - Will Holland's reference to the balance sheet being at $40 Million going into 2015 (he must have some assurances to make that assertion as a CFO) - The suggestion that they may be close to announcing a further acquisition. I appreciate they are sitting on $19Million but this has coincided nicely with their assertion that they will be going into 2015 with a more healthy balance sheet. The re-imbursement and the acquisition are linked IMO. We are currently at £20Million market cap. with approx. £12Million cash (or 3p). Back costs therefore put us at 6p (ish) and no value for the assets/farm-outs etc. Oil price a worry generally for the sector however short term. Cheers ThinIce .

I took your advice and averaged down - thanks. Not sure I will risk it again though if we make 7.5-8 as we too near to a potential Celtic sea farm out!

It does seem strange that only £60k has been handed over and the market cap has risen £2 Million today. I am wondering whether there is a large buy order or news regarding a farm-out imminent. To be fair JP, you did call it last time.

http://world.einnews.com/pr_news/226592942/global-pacific-partners-hosts-the-21st-africa-oil-week-in-cape-town-south-africa-from-3rd-7th-november-2014

Thanks GEML 'quietly confident' of farm out news before end of year.

Why do you think there won't be news this year? I was hopeful of farm out news Q4. You may have more up to date info than me. Thanks