Carol Law News

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management changes following the appointment of Carol Law as CEO in December 2014 and a review of the Company's cost structure in light of the lower oil price environment. As a result of this internal review, Will Holland's employment as Chief Financial Officer of the Company has been terminated and he leaves the Board with immediate effect. Ross Crockett, who has been the Company's Financial Controller for the last three years, will continue to support the Company's financial matters going forward.

Following 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. "