25 Mar 2013 07:00
25 March 2013
Fastnet Oil & Gas plc
("Fastnet" or the "Company")
FASTNET ANNOUNCES OPENING OF CELTIC SEA LICENCES DATA ROOM AND GRANT OF OPTIONS
Further to the announcement of 19 March 2013, Fastnet (AIM: FAST, ESM: FOI), the listed E&P company focused on near term exploration acreage in the Celtic Sea and Morocco, is pleased to announce that it opened the data room for its Celtic Sea assets on 22 March 2013 and that a range of super majors, mid-caps and small-caps are conducting initial due diligence.
Grant of options
The Company also announces that share options over a total of up to 1,500,000 new ordinary shares of 3.8 pence each in the Company ("Option Shares") have been awarded to Gama Services Limited a company beneficially owned by Paul Griggs, a consultant and advisor to the Company. The Option Shares have an exercise price of 26.0 pence per ordinary share, being the mid-market closing price per share as at 22 March 2013.
The Option Shares will become exercisable conditional on the achievement of certain performance related milestones in relation to Fastnet's Celtic Sea assets, principally related to a farm-out agreement being executed (the "Celtic Sea Condition"). The number of Celtic Sea Option Shares to vest on satisfaction of the Celtic Sea Condition will be determined by the Company's Remuneration Committee at its discretion.
The Celtic Sea Option Shares will lapse on the third anniversary of the date of satisfaction of the Celtic Sea Condition.
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, Jess Allum | +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 highly prospective 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.