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Fastnet News

21 Dec 2015

Fastnet Appoints Non-executive Director

In line with the Company's strategy to acquire companies or businesses in the healthcare sector, Fastnet has appointed Mr. Harry Stratford as a Non-Executive Director with immediate effect. Harry has over 40 years' experience in the pharmaceutical industry and has built two successful publicly listed pharmaceutical companies. Harry founded Shire Plc in 1986 and was CEO for almost a decade. The Company has grown from humble beginnings to be one of Europe's largest specialty pharmaceutical companies with a market cap of around $40 billion and its stock is a constituent of the FTSE100 index. Harry then went on to be founder, CEO and Executive Chairman of Prostrakan Plc…

29 Jan 2015

Directorate Changes at Fastnet

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.

02 Jan 2015

Expiry of Tendrara Option Agreement

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. "

14 Aug 2014

Fastnet Announces Improvement of Deep Kinsale Option

Fastnet the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, is pleased to announce that it has entered into an amended exclusive option agreement with PSE Kinsale Energy Limited ("Kinsale Energy"), a wholly owned subsidiary of PETRONAS, in relation to the "Deep Kinsale Prospect". The Deep Kinsale Prospect extends from 4,000 feet subsea below the producing Kinsale Head gas field and is defined by a sub-area (the "Deep Kinsale Sub-Area") of Petroleum Lease No. 1 (see map of the area on the Company's website: www.fastnetoilandgas.com/go/operations/ireland). Following agreement with Kinsale Energy…

07 Jul 2014

Fastnet to Farm in Tendrara Lakbir

Fastnet, the UK and Irish listed E&P company focussed on near term exploration and appraisal acreage in Morocco and the Celtic Sea, announced that its wholly owned subsidiary Pathfinder Hydrocarbon Ventures Limited (Pathfinder) has entered into an amended exclusive option agreement with Oil and Gas Investments Funds (OGIF) (the "Option Agreement"), in relation to eight Exploration Permits comprising the Tendrara Lakbir Petroleum Agreement (the Tendrara Licence) onshore Morocco. Following substantive negotiations with its partner OGIF, Fastnet has secured improved commercial terms from those previously announced on 29 May 2013. ·     The deadline to drill the first well has been extended from 30 September 2014 to 21 April 2015.

22 May 2014

Fastnet Oil & Gas Plc Provides Africa & Celtic Update

Ahead of investor meetings today, Fastnet, the E&P company focused on exploring in Africa and in the Celtic Sea, provides an update on its operations, including its proposed forward work programmes and farm-out activities. An updated corporate presentation is now available on the Company's website (http://www.fastnetoilandgas.com/investor-relations/presentations/2014.aspx) providing an overview of the Company's recent corporate developments and its asset portfolio. ·     * 3D seismic confirms five potential reservoir targets with potential for substantial in-place oil based on structural size, up to 140 sq. ·     * A two-stage farmout process is underway with increased interest following the highly successfully Celtic Sea Conference held in Dublin in April.

14 May 2014

Fastnet Appoints Will Holland as CFO

Fastnet Oil and Gas plc the E&P company focussed on exploration acreage in Africa and the Celtic Sea, announced appointment of Will Holland to the Board of Directors as Chief Financial Officer, with immediate effect. Will has over 20 years of experience in the oil and gas business, primarily gained in Africa and Europe. He started his career as a cementing and 'frac' engineer at Halliburton Energy Services before moving into business development roles based in Africa. After 2 years leading internal audit teams at Halliburton, he joined Macquarie Bank in London in 2007 where he originated, structured and managed equity and debt investments in small-cap E&P companies. Will holds a B.Eng (Mech) from Warwick University and an MBA from Heriot-Watt University.

03 Jan 2014

BP Norway, Maersk Extend Drilling Rig Contract

BP Norway has extended the contract for the jackup Maersk Reacher by two years from September 2014 to September 2016, for an estimated value of $222 million. BP Norway has additional options to prolong the contract by up to four more years until September 2020.   Kosmos Energy has arranged a rig-share with BP and Maersk Drilling for the semisubmersible Maersk Discoverer.   The rig is expected to start drilling the FA-1 exploration well on the Foum Assaka block offshore Morocco during the first half of this year. The well is estimated to take around three months to complete.   According to partner Fastnet, the Foum Assaka concession could hold 360 MMboe of Pmean resources.

15 Jul 2013

Oman's All-Women Crew Make Yacht-race Mark

Oman Sail Team: Photo courtesy of J80 World Championships

The Oman on the Al Thuraya Bank Muscat Team team honed their racing skills at the J80 World Championships in Marseilles, France recently. A milestone event for the young Omani crew, who have only been racing together for four months, the J80 Worlds were always going to be a challenge, with a massive fleet of 118 teams, including Iker Martinez, the Olympic 49er gold medallist and Volvo Ocean Race skipper, reports Times of Oman. But the crew adjusted to the frenetic starts and melees around the marks to work their way up the rankings to finish in 31st place in the 59-strong silver fleet.

19 Aug 2010

Marlink Provides Sealink to Fastnet Line

Cut    Photo courtesy Saltwater PR

Marlink, provider of maritime satellite communications, has recently secured a new three-year contract with Irish Ferry Operator, Fastnet Line. As part of the new agreement, Marlink will deliver, install and operate its innovative Sealink VSAT solution onboard Fastnet Line's flagship vessel Julia, providing the ferry operator with high-quality, reliable bandwidth for vessel management, passenger and crew applications. "In addition, Sealink(TM) will improve operational efficiency…

03 Aug 2010

Harris Pye Milestone, Two Vessels in Dry Docks

A new milestone has been achieved by the Harris Pye Group (HPG), vessels have been in both the Duke of Edinburgh and Prince of Wales dry docks in Swansea simultaneously – a first for the Group which signed a longer lease on the dry docks in April 2010 following the departure of Saga Pearl II which had been refurbished and refitted at the docks. The two vessels are Visten and Welsh Piper. The dredger, Welsh Piper, has now left having had her biannual special service, and undergone pipe replacement and steelwork (some 20 tonnes of steel were used in all). The Visten remains, she is owned by Canada’s CAI Logistics and is a tanker being converted into a bulk carrier. Work being undertaken includes the installation of two cargo cranes and the redesign of the hatch cover arrangement.

18 May 2010

Swansea Dry Docks Open for Business

Following the successful use of Swansea Dry Docks for the refit and refurbishment of Saga Pearl II, now successfully cruising; work on MV Julia, now plying the Fastnet Ferry Cork-Swansea overnight route; and emergency repair work on the 213.2 ft hopper dredger Heron, Harris Pye Group (HPG) has signed a longer lease on Swansea’s Duke of Edinburgh and Prince of Wales dry docks – a move that is attracting interest from a number of shipping lines. “We are very much ‘open for business’, indeed we dealt with the requirements of UKD Dredging’s Dolphin at the start of May” said the Group’s Managing Director, Mark Prendergast. “We invested heavily…

12 Oct 2009

Nathans Auditor of Swansea-Cork Ferry Ops

Ireland-based accountant and consultant Moore Stephens Nathans has been appointed auditor to the group of companies recently set up under the name Fastnet Line to operate a new passenger and freight ferry link between Swansea in Wales and Cork in Ireland. The service is scheduled to begin on March 1, 2010, providing the first crossing since 2006. The cessation of the old Swansea-Cork ferry operation in 2006 caused an estimated annual loss of $51.7 to businesses in Ireland, which relied on the service to bring large numbers of UK and EU tourists into the south-west of the country. Since the service ended, a number of lobby groups in both Ireland and Wales have been campaigning for a return of the ferry link…

20 Feb 2009

Oil Recovery Ops off the Irish Coast

In the afternoon on Tuesday 17th February, the Irish authorities decided to request assistance from the European Maritime Safety Agency (EMSA) to combat an oil spill initially detected by EMSA’s CleanSeaNet service 50 miles southeast of Fastnet Rock off the West Cork coast. As a result, the EMSA contracted vessel Galway Fisher has been mobilized and will be in Cork on standby. The alert was provided by the CleanSeaNet European oil spill detection service of EMSA on Saturday 14th February.