Fastnet Oil & Gas Raise £15 mln for Morocco Drilling

Source: www.gulfoilandgas.com 11/22/2012, Location: Africa

Fastnet Oil & Gas has raised £15 mln through a share placing to fund a drill programme in Morocco. It is issuing 68 mln new shares to new and existing investors at 22p each.

The company says the funding will allow the company to accelerate drilling activity in offshore Morocco, as well as fund other work programmes in the Celtic Sea. The money will also provide additional working capital headroom, Fastnet added.

"[The placing] is a testament to the portfolio of assets, management team and progress since our admission to AIM and ESM that Fastnet has been able to secure the support of significant new investors and continuing support from existing shareholders,” said chairman Cathal Friel.

"With the new money raised, Fastnet will be able to execute its strategy of maturing its enlarged licence area in Morocco and the Celtic Sea to a point at which it can secure shareholder value through the support of future potential farm-in partners."

The placing was arranged by Mirabaud Securities and Shore Capital.

It is expected that Fastnet’s first exploration well will be drilled offshore Morocco in the second half of next year, while drilling is likely to start offshore Ireland in 2014.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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