2 Jan 2015 07:00
2nd January 2015
FASTNET OIL & GAS PLC
("Fastnet" or the "Company")
EXPIRY OF OPTION AGREEMENT TO FARM INTO THE TENDRARA LAKBIR PETROLEUM AGREEMENT ONSHORE MOROCCO
Further to the announcement of 10 December 2014, the board of Fastnet has elected not to exercise the option to farm into the Tendrara Lakbir Licence onshore Morocco. The option expired on 31 December 2014.
Carol Law, newly appointed CEO of Fastnet said:
"Current market conditions have severely hindered our ability to attract a partner to join Fastnet in the Tendrara opportunity, thus the Board has elected not to exercise the Tendrara Option Agreement. Fastnet has a strong cash balance sheet with over US$18 million in cash. We believe this is the best decision and we will use great discipline in the allocation of our available cash to ensure maximum value for the shareholders. "
Fastnet Oil & Gas plc Carol Law, Chief Executive Officer Will Holland, Chief Financial Officer |
Shore Capital Nomad Bidhi Bhoma, Edward Mansfield
Corporate Broking Jerry Keen |
GMP Securities Europe LLP (Joint Broker) Rob Collins, Emily Morris |
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell |
Bell Pottinger Philip Dennis, Rollo Crichton-Stuart, Jimmy Lea |