Cathal Friel, Fastnet’s chairman, the drilling of a second well could come sooner than the market expects.
“Financially, Fastnet is in great shape as we now have close on $30mln in the bank after the refund of our back costs from SK,” Friel explains.
Fastnet’s Irish assets, in the Celtic Sea, off the south coast, may come into play soon as well, as a much anticipated farm-out deal is expected in the summer.
Such a deal would pave the way for fresh catalysts for the AIM shares and, according to Friel, could further boost Fastnet’s cash resources.
“We are increasingly optimistic we will get a minimum of $10m or potentially $20m of our Celtic Sea back costs when we farm out these assets over the summer, thus potentially having $40m to $50m in the bank by the end of the year.
“Just last week we had a Celtic Sea farm-out conference in Dublin which was jointly organised by the four Celtic Sea players, i.e. Fastnet, Providence, Lansdowne and Azeire when we had over 25 of the international oil and gas companies from around the world attend, including all of the well-known majors.
“Thus we are very confident of completing our Celtic Sea farmout now that our 3D is processed and available for sharing.” |
