Fastnet Oil & Gas (FAST) revealed that it is in advanced discussions with several international oil and gas companies on a farm-out agreement that would accelerate the development of its assets in Ireland's Celtic Sea.
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In a positive update, Fastnet said that these talks are likely to conclude in the fourth quarter, with the aim of bringing in a partner to cover a "significant" proportion of past costs, including the vast 3D seismic work already carried out, in addition to a contribution towards the anticipated drilling programme in 2015. Fastnet posted a £1.39m pre-tax loss in its maiden full-year statement, but more importantly it had just under £21m in cash at the end of March, enough to fund its licensing phase commitments.
