Fastnet Oil and Gas appoints new chief executive

Irish exploration firm Fastnet Oil and Gas has appointed Carol Law as chief executive.

Ms Law has been an executive director of Fastnet since 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 more than 30 years’ petroleum industry experience in exploration management, exploration geology, research and consulting.

Separately, in an operational update, the explorer said it had a cash balance of $18 million at the end of November, with no material outstanding license commitments. It said monthly corporate overheads were running at approximately $275,000 per month.

The company said it has been attempting to find farm-in partners for Tendrara Lakbir onshore Morocco since the middle of 2014, with the intention of closing that process before the end of December.

“It is the intention of the board of Fastnet to try to agree an extension on this option by 12 months to the end of 2015,” the explorer said.

However, these negotiations are still continuing and Fastnet has also been pursuing a series of strategic alternatives aimed at finding a potential financial partner who may try to develop the possible early monetisation of the Tendrara Licence.

Fastnet said it was continuing to work the farm out process in relation to its Celtic Sea assets.

"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. This suggests that a rig could be in the region in the near term and could act as a further catalyst for an extensive exploration programme in the region."