shedfull
10 Dec 2014
Re: RNS Maybe a bit longer than 18months but where does that put FAST in the meantime, ?
bobdog2000
10 Dec 2014
Re: RNS Until the price goes back up again. In about 18 months?
OLADAPO OGUN
10 Dec 2014
Re: RNS PG in my opinion does not deserve to go!
shedfull
10 Dec 2014
Re: RNS Agree also the production business will come to a slowdown with some stopping and it will soon be cheaper to buy known/proven oil fields rather than explore.JIMO
bobdog2000
10 Dec 2014
Re: RNS To be fair I think everything is on pause in the exploration business right now
shedfull
10 Dec 2014
Re: RNS bobIt sounds that way to me as well.
shedfull
10 Dec 2014
Re: RNS Why are things looking positive as Celtic Sea has come to a stop and the rest are no further forward or did I read the RNS wrong.
bobdog2000
10 Dec 2014
Re: RNS Is it my imagination or does it sound like Paul Griffiths was fired or fell out with the rest of the management?
in-vester
10 Dec 2014
RNS Yes I think things are looking positive now.
onedb1
10 Dec 2014
Re: RNS This will silence the pathetic rumours of late !! Plus we get a super CEO .
in-vester
10 Dec 2014
RNS Fastnet Oil & GasBoard changes & operational updateRNS Number : 3179ZFastnet Oil & Gas PLC10 December 2014 10 December 2014 FASTNET OIL & GAS PLC("Fastnet" or the "Company"
APPOINTMENT OF CHIEF EXECUTIVE, OTHER BOARD CHANGESAND OPERATIONAL UPDATE Fastnet (AIM: FAST, ESM: FOI), the UK and Irish listed E&P company focussed on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces the appointment of a Chief Executive, other board changes and provides an operational update on the Company's key assets. Board ChangesThe Company announces that Carol Law has been appointed Chief Executive. Carol has been an Executive Director of Fastnet since 30 October 2012. In that role, she has worked closely with the Company's senior management team to develop and execute its near-term growth strategy. She has also worked with Fastnet's technical teams and partners to de-risk and high-grade existing opportunities to create shareholder value.(1) As Chief Executive, Carol will lead the implementation of the Company's strategy of monetising its existing assets and prudently managing its significant cash reserves in order to restore and create shareholder value. In addition, the Company announces that Cathal Friel assumes the role of Non-Executive Chairman, the original role he had at the time prior to the Company's acquisition of Pathfinder Hydrocarbon Ventures Ltd in July 2012. The Company also announces that Paul Griffiths, Managing Director, has resigned from the Board and leaves the Company with immediate effect to pursue other business opportunities. The Board now comprises two executive directors Carol Law as CEO and Will Holland as CFO and three non-executive directors: Cathal Friel (Non-Executive Chairman), Michael Nolan (Non-Executive Director) and Michael Edelson (Non-Executive Director). The Board has also agreed to seek to appoint an additional independent non-executive director with suitable E&P industry experience. Operational Update Given the rapidly changing economic conditions in the oil and gas sector, the Board has undertaken a detailed review of its oil and gas portfolio to ensure that the strategy to grow the Company's business and monetise its assets remains on track. The Board is committed to growing a successful oil and gas business and believes that, in current market conditions, there are and will be opportunities to develop the business. Given the above, the Board also confirms that there is no current intention to return capital to shareholders but it has resolved to keep all options under review over the medium term. An update on each of the Company's key assets is set out below. IrelandFastnet's licences in the Celtic Sea are all in good standing and there are no outstanding financial commitments under the current license periods. A farmout process covering the Company's Celtic Sea portfolio was initiated by Fastnet in May of this year with the intent to close the dataroom and receive indicative offers by mid-October. A number of companies engaged in a detailed review of the opportunities, with several opening unofficial discussions of potential interest in working towards a farm-in offer. However, the recent rapid decline in the oil price has created a strategic shift in the forward planning of many companies in the sector, resulting in the delay of decisions and/or changes in strategy regarding farm-in opportunities. Fastnet remains confident that its assets in the Celtic Sea hold considerable value and believes there is potential to unlock this value. The Board will continue to work, taking into account the current adverse market conditions, towards bringing in partners to further pursue exploration activities with Fastnet in the Celtic Sea. The Company notes the recent Lansdowne Oil & Gas announcement in November of a farm-out of its Midleton gas prospect with PETRONAS' subsidiary, Kinsale Energy.
