Member Article

Stockport’s Fastnet Oil & Gas plc reports cash balance up by $7.9 million

Stockport-based Fastnet which explores for oil and gas in Morocco and the Celtic Sea, report a cash balance of $18.8 million compared to $10.9 million for the same period last year.

However net loss for the period was $1.6 million compared to $0.9 million for the same period last year.

The company report this loss reflects the increase in technical work developing Fastnet’s portfolio during the period.

CEO of Fastnet, Carol Law commented: “Throughout 2014, Fastnet continued its strategy of monetising the Company’s existing assets and prudently managing its significant cash reserves in order to create shareholder value.

“The Foum Assaka farmout was a prime example of this strategy with the FA-1 well delivered at a cost of just US$2.75m to the Company.

“As the technical studies progress we look forward to continue working with Kosmos, BP and SK in evaluating the licence potential and, in the event of drilling a second well on the licence, the Company would have a further carried interest.

“The oil and gas sector is faced with challenging times but looking ahead to 2015, we believe that Fastnet’s portfolio will increase in marketability as industry focus moves towards profitable shallow water and onshore projects in attractive fiscal regimes with low operating costs.

“In this regard, we will continue to work towards bringing in partners to further pursue exploration activities across our portfolio and seek appropriate licence extensions to enable us to execute this strategy.

“Fastnet is well positioned as a result of a strong balance sheet, management team and asset portfolio.

“Prudent management will deliver a significant reduction in ongoing general and administrative costs going forward and we will continue to develop and grow the asset portfolio in a selective and low-cost manner as is possible.”

This was posted in Bdaily's Members' News section by Sophia Taha .