London South East
Fastnet Oil & Gas PLC on Friday said it has decided not to exercise its option to farm into the Tendrara Lakbir Licence onshore Morocco, which expired on December 31.
“Current market conditions have severely hindered our ability to attract a partner to join Fastnet in the Tendrara opportunity, thus the board has elected not to exercise the Tendrara option agreement,” said Fastnet Chief Executive Officer Carol Law.
“Fastnet has a strong cash balance sheet with over US$18 million in cash. We believe this is the best decision and we will use great discipline in the allocation of our available cash to ensure maximum value for the shareholders,” Law added.
By Sam Unsted; samunsted@alliancenews.com;
