Fastnet raises £15m for Moroccan exploration

FASTNET Oil and Gas, the AIM-listed oil and gas exploration company,
has raised nearly £15m in a shares placing  to fund a drilling programme in Morocco.

The company, which following the reverse takeover in May of Sterling Green by Irish firm Terra Energy , has its registered office in Stockport, raised £14,9m before expenses through an over-subscribed placing of 68 million new ordinary shares with new and existing investors at 22p per share.

The money will enable Fastnet to accelerate drilling activity in Morocco to potentially generate a near-term multi-well drilling programme.
Chairman Cathal Friel said: “It is a testament to the portfolio of assets, management team and progress since our admission to AIM and ESM that Fastnet has been able to secure the support of significant new investors and continuing support from existing shareholders.

“With the new money raised, Fastnet will be able to execute its strategy of maturing its enlarged licence area in Morocco and the Celtic Sea to a point at which it can secure shareholder value through the support of future potential farm-in partners.”

Kirsti Pinnell, a corporate partner at Manchester law firm Kuits advised Fastnet on the fund-raising.