Expiry of Tendrara Option Agreement

Source: www.gulfoilandgas.com 1/2/2015, Location: Africa

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. "

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Related Categories: 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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