4 Jun 2013 07:00
4 June 2013
Fastnet Oil & Gas plc
("Fastnet" or the "Company")
Corporate Update and Revised Investor Presentation
Fastnet (AIM: FAST, ESM: FOI) the listed E&P company focused on near term exploration acreage in Morocco and the Celtic Sea, is pleased to provide an update on its operations including its revised work programme and its farm-out activities in relation to both the Celtic Sea and Moroccan assets.
Celtic Sea
As announced on 22 May, the Company has completed the acquisition of 500 sq. km. of 3D seismic data over Deep Kinsale significantly ahead of schedule and under budget. The overall seismic programme, which is the largest ever seismic programme conducted in the Celtic Sea, will be completed by end June 2013 and is anticipated to cost US$18 million. Final processing and interpretation of the data is expected to be completed by December 2013, however preliminary results are expected to be available from September 2013.
Having opened a data room in March 2013, the Company is now in advanced discussions with targeted international oil and gas companies. This process is expected to be completed during the Summer of 2013 and the terms are expected to involve a contribution to past costs, including 3D seismic. Further announcements will be made in due course as appropriate.
Morocco
As announced on 29 May 2013, Fastnet's wholly-owned subsidiary Pathfinder Hydrocarbon Ventures Limited ("Pathfinder") has agreed to farm into, subject to regulatory approvals, eight highly prospective exploration blocks comprising the Tendrara Lakbir Petroleum Agreement (the "Tendrara Lakbir Licence" or the "Licence Area") onshore Morocco, covering 14,548 sq. km. The Company anticipates the drilling of an appraisal/pre-development well in Q1 2014 at a cost of approximately US$7 million, following which the Company's gross interest in the Licence Area will be 50% (excluding ONHYM's standard 25% carry, which would result in a net interest to the Company of 37.5%).
The Company has also commenced a farm-out process in relation to its 18.75% net interest in the Foum Assaka exploration licence in the Agadir Basin, Offshore Morocco. Whilst this process is in its early stages, expressions of interest have already been received from several multi-national and national oil corporations and preferred terms are expected to include the reimbursement of past expenditures, including 3D seismic costs, and a carry for future drilling activities. This process is at an early stage and further announcements will be made in due course as appropriate.
Funding
Based on the Board's current expectations of its overall work programme commitments, funding obligations and a successful outcome to its on-going farm-out discussions, the Company is fully funded for the next 12 months.
Revised Investor Presentation
Ahead of institutional investor meetings today, an updated corporate presentation is now available on the Company's website (http://www.fastnetoilandgas.com/investor-relations/presentations/2013.aspx) providing an overview of the Company's recent corporate developments and its enlarged asset portfolio, including the recent farm-in to the Tendrara Lakbir Licence.
For further information please contact:
Fastnet Oil & Gas plc Cathal Friel, Chairman Paul Griffiths, Managing Director | +353 (1) 644 0007 |
Shore Capital Nomad Bidhi Bhoma, Edward Mansfield
Corporate Broking Jerry Keen | +44 (0) 20 7408 4090 |
Mirabaud Securities LLP (Joint Broker) Peter Krens, Edward Haig-Thomas
|
+44 (20) 7321 2508
|
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell | +353 (1) 679 6363 |
FTI Consulting Edward Westropp, Natalia Erikssen, Nicola Murray | +44 (0) 207 831 3113 |
Notes to editors
Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Africa. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market (ESM) of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Africa strategies where it has been awarded four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 and Mizzen Basin) and acquired a material interest in the Foum Assaka permit Offshore Morocco. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.
This information is provided by RNS
The company news service from the London Stock Exchange
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