Fastnet looks to exit offshore Morocco, Celtic Sea

Offshore staff

DUBLIN, Ireland – Fastnet Oil & Gas plans to relinquish its 12.5% interest in the Foum Assaka license offshore Morocco.

The company is unwilling to participate in further exploration drilling on the concession, citing the higher risk/lower potential reward for exploration assets offshore Morocco in the past two years coupled with the prevailing oil price.

Due to continuing problems securing finance, Fastnet has also decided to terminate all further expenditure on its licensing options in the Celtic Sea offshore southern Ireland, and will look to dispose of these options before they expire.

08/12/2015

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