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Fastnet Oil & Gas (FAST)

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Monday 11 June, 2012

Fastnet Oil & Gas

Admission to trading on AIM

RNS Number : 0423F
Fastnet Oil & Gas PLC
11 June 2012
 



11 June 2012

Fastnet Oil & Gas plc

 

Admission to trading on AIM and ESM

 

Completion of £10 million fundraising, acquisition of Terra Energy Limited, admission to trading on AIM and the Enterprise Securities Market ("ESM"), Ireland

 

Fastnet ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI), is pleased to announce the admission of its enlarged issued share capital to trading on AIM and ESM. Dealings will commence at 8.00 a.m. today. This follows the completion of a placing of 90,909,091 new ordinary shares at 11 pence per share to raise £10 million (before expenses) and the acquisition of Terra Energy Limited, which has completed today.

 

Key Highlights:

·      Launch of a new independent oil & gas exploration player, focussed on identifying early stage E&P opportunities in the Celtic Sea and in Africa 

·      The proceeds from the heavily oversubscribed £10 million placing will be used to fund and develop a pipeline of opportunities and for general working capital purposes

·      Successful and experienced Board and advisory committee with over 100 years experience in E&P and capital markets

 

Fastnet strategy is to create significant shareholder value through the application of significant experience to exploit current assets and future acquisitions, while adopting a prudent approach

·      Develop a portfolio of high impact conventional oil and gas projects

·      Utilise the experience of certain directors, the advisory board and where possible shareholders to further develop Fastnet's business

·      Ensure sustainable growth for the business through judicious expenditure on focussed exploration, using the latest exploration techniques and conceptual models

 

Fastnet focussed on developing an attractive Celtic Sea portfolio and building on pan-African experience

·      Celtic Sea - three Celtic Sea licence options applications pending in the Fastnet, Molly Malone and Mizzen basins and one further option to farm-in to a third party application (Quad 49)

·      Offshore Ireland - Frontier Exploration Licence 1/04 (including the Connemara discovery) Net Profit Bonus Agreement

·      Additional opportunities to be pursued to capitalise on management's proven track record, technical expertise and contact base

 

On admission, the Company will have 163,030,160 ordinary shares admitted to trading on AIM and the ESM.

 

Shore Capital & Corporate Limited acted as Nomad, Shore Capital Stockbrokers Limited as Joint Broker and Davy acted as ESM Adviser and Joint Broker.

 

Steve Staley, CEO of Fastnet, commented:

 

"The launch of Fastnet as a new independent E&P player comes at a very opportune time; with interest re-ignited in the Celtic Sea and the prospectivity of many areas of Africa confirmed. We feel that Fastnet is in a good position to take advantage of the opportunities in these areas.

 

"I welcome the support from our new and existing investors and am confident that, through a combination of the management's and advisors' experience, we will be able to drive shareholder returns through exploration and appraisal."  

 

- Ends -

 

For further information, please contact:

 

Fastnet Oil & Gas plc

Cathal Friel, Chairman

Steve Staley, CEO

+353 (1) 644 0007



Shore Capital

(Nominated Adviser & Joint Broker)

Nomad

Bidhi Bhoma

Edward Mansfield

 

Corporate Broking

Jerry Keen

+44 (0) 20 7408 4090



Davy

(ESM Adviser & Joint Broker)

John Frain

Brian Garrahy

Roland French

 

+353 (1) 679 6363

FTI Consulting

Billy Clegg

Edward Westropp

+44 (0) 207 831 3113

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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