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14 Nov 2012 07:00
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14 November 2012
Fastnet Oil & Gas plc
Directorate Changes
Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focussed on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce the appointment to the Board of Paul GriffithsΒ as Managing Director. In line with a planned succession process, Paul will be replacing Dr. Stephen Staley who is continuing as a Non-Executive Director, having successfully guided Fastnet through its founding and AIM IPO in June 2012. At the same time, Cathal Friel, previously Non-Executive Chairman, has been appointed Executive Chairman. Both these appointments are effective immediately.
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Paul Griffiths was appointed Vice President of Exploration at Fastnet in July 2012 with responsibility for establishing the current portfolio of oil and gas assets. He is a graduate in geology from the Royal School of Mines (London) with a proven track record and more than 35 years' experienceΒ developing exploration opportunities in NW Europe, North Africa and SE Europe.
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He worked as anΒ exploration geophysicist and prospect generator for the Libyan National Oil Corporation and Gulf Oil. In 2006 and 2007 he led Island Oil and Gas Plc's drilling campaign in the Celtic Sea offshore Ireland which resulted in four successful gas wells flowing at a combined rate of approximately 54 mm cfgpd.
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Cathal Friel, Chairman of Fastnet commented:
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"I would like to thank Stephen for his guidance and diligent hard work in establishing Fastnet and taking it to a position which allows him to hand over day to day management to Paul and look forward to continuing to work with him as a Non-Executive Director.
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"I am delighted to welcome Paul Griffiths to the Board; Paul has been working with us over a year now and has extensive operational experience in our key licence areas and a network of invaluable industry relationships. He has become an integral part of the team and hisΒ ascension to the Board as Managing Director is in line with our planned succession process and in recognition of the role heΒ has played in that time and also the role he has played in helping us secure the two additional Celtic Sea licensing options announced today.
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"The Board is focussed on aggressively developing Fastnet's exciting portfolio of material prospects to facilitate near term drilling activity to enhance the potential for value creation for our shareholders."
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Stephen Staley, outgoing CEO of Fastnet, commented:
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"I am pleased to be able to now hand over the CEO role to Paul and look forward to my continued involvement as a Non-Executive Director of the Company as it develops its portfolio of high impact prospects. I look forward to continuing to work with Paul and the rest of the Fastnet team at this exciting time in the company's growth."
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For further information, please contact:
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Fastnet Oil & Gas plc Cathal Friel, Non-Executive Chairman Steve Staley, CEO | +353 (1) 644 0007 |
Shore Capital (Nominated Adviser & Joint Broker) Nomad Bidhi Bhoma Edward Mansfield Β Corporate Broking Jerry Keen | +44 (0) 20 7408 4090 |
Davy (ESM Adviser & Joint Broker) John Frain Brian Garrahy Roland French Β | +353 (1) 679 6363 |
FTI Consulting Edward Westropp | +44 (0) 207 831 3113 Β |
Jess Allum
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Paul Stanard Griffiths (aged 58) currently holds, and has held (including all appointments during the five years preceding the date of this announcement), the following directorships and partnerships, other than of the Company:
Β Current Directorships Petro-Celtex Consultancy Limited Drillbit Exploration Limited Pan Maghreb Oil and Gas Limited | Past Directorships Island Oil & Gas plc Pathfinder Hydrocarbon Ventures Limited Β |
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There are no other matters which are required to be announced under Rule 17 or Schedule Two paragraph (g) of the AIM rules.
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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 two offshore licensing options in the Celtic Sea (Molly Malone Basin 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.
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