Fastnet Oil & Gas

Expiry of Tendrara Option Agreement

RNS Number : 0925B
Fastnet Oil & Gas PLC
02 January 2015
 



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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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