News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

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Oct 31 9:30 AM EDT

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From: miningoz	5/8/2014 12:31:32 AM
	of 161

Fastnet Oil sector to enjoy bid bonanza FirstEnergy highlights possible targets as M&A activity heats up 08/05/2014 The past month’s recommended cash offers for Heritage Oil (HOIL) and Caracal Energy (CRCL) and mooted bid for Salamander Energy (SMDR) suggests that investors may wish to re-consider some of the sector’s beaten-down oilers. Fastnet It should be borne in mind that Fastnet are carried on this for two wells following their canny farm-out to SK last December and the company has exposure to not only that second well offshore but also an onshore programme, not to mention the Celtic Sea acreage. SK Innovation is now due to pay Fastnet $20.4m in accumulated back costs. Fastnet's share of drilling costs on the FA-1 well in the licence area is also carried up to a maximum of $100m. On the back of it revealing that initial result readings from 3D seismic surveys of its Celtic Sea assets have identified 22 “structures”, or indications of oil. Fastnet commissioned the seismic survey of its ‘Mizzen’ and ‘Deep Kinsale’ prospects — the largest carried out in Irish waters for nearly half a century — last year.It said the largest identified structure covers an area of 110sq metres underneath the Kinsale Gas Field. Fastnet — whose ultimate goal is to separately sell its various interests in Ireland and Morocco, upon proof of commerciality, and return the proceeds directly to its shareholders — has seen ‘farm-in’ investment interest, concerning its Celtic Sea, assets swell since last year and is hopeful of naming a development partner for its Irish portfolio later this year. Fastnet’s managing director, Paul Griffiths yesterday noted that the 3D investment “is beginning to pay dividends, as the results are proving to be a catalyst stimulating industry interest in our licence portfolio”.

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