Petroleum Africa
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Monday, January 5, 2015
Fastnet Oil & Gas has decided not to exercise its option to farm-in to the Tendrara Lakbir License onshore Morocco. The option expired on December 31. The decision not to exercise the option can be directly attributed to the plummeting oil prices.
Carol Law, newly appointed CEO of Fastnet said: “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. Fastnet has a strong cash balance sheet with over $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.”
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