Exploration group Fastnet Oil and Gas has recorded a net loss of £1.5 million (€1.8 million) for the six months ending September 30.

In its interim results, the Dublin-based firm said the loss for the period was inclusive of the acquisition costs of Pathfinder.

At the end of September the firm had cash of £8.4 million and had achieved £10 million fundraising, principally with institutional investors.

The company recently acquired licensing options to two blocks in the Celtic Sea off the Cork coast, 49/13 and Shanagarry, where potentially commercial quantities of oil and gas were discovered in the mid-1980s.

Neither find was economically viable at the time of discovery, but Fastnet believes advances in technology and the higher hydrocarbon prices now prevailing mean both can be exploited.

The company also acquired Terra Energy and Pathfinder, providing a material equity position in the Foum Assaka Licence, offshore Morocco, together with the accrued benefit of a carry through seismic acquisition and processing.

"The past six months have been a transformational period for Fastnet and its shareholders. We have successfully built the foundations of an oil and gas exploration business by acquiring a material portfolio of exploration assets," executive chairman Cathal Friel said.

"While the results statement this morning has limited relevance it nevertheless reflects the progress made by Fastnet both in terms of funding and licence procurement with an obvious focus in 2013 on seismic analysis offshore Ireland the scheduled well offshore Morocco," Goodbody Stockbrokers said.