Fastnet Oil and Gas, the UK and Irish listed exploration and production company, as it looks forward to what may be a "transformational" year.
Fastnet, which is focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, reported no revenues for the year to March 31st, as it is still in exploration mode. Losses narrowed to $2.6 million.
The company said it had $19.9m in cash reserves as of July 31st 2014 following the completion of the Foum Assaka farm-out to SK Innovation.
Executive chairman Cathal Friel said that the board's continuing strategy is to build a portfolio of high impact exploration and appraisal assets and de-risk these assets by seeking farm-in partners for a carry while retaining material interests in the licences.
“In accordance with our strategy we expect to secure farm-in partners in both the Celtic Sea and onshore Morocco this calendar year, despite the difficult climate at present for the oil and gas exploration sector,” he said.
Following the conclusion of a successful farm-out process at its Morocco Tendrara Lakbir Project, it will be looking to prove commercial rates can be produced from the Tendrara TE-5 gas structure.
“Given the size of the asset the year ahead has the potential to be transformational for Fastnet,” Mr Friel said.
In a note Davy Stockbrokers said that it believes that in a difficult E&P market, Fastnet has maximised its asset packages.
“This should mean that it will benefit from any change in the investment profile pursued by industry.”
