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Fastnet Equity Share Price - FAST

Share Name Share Symbol Market Type Share ISIN Share Description
Fastnet Equity LSE:FAST London Ordinary Share GB00B85HRF56 ORD 3.8P
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.03 -0.89% 2.78 2.70 2.85 2.85 2.65 2.80 3,337,521 16:19:38
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) RN NRN
Oil & Gas Producers 0.0 -2.6 -0.9 - 9.58

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DateSubject
03/10/2014
14:41
flyingswan: This well should be Drilled now? Operating Update Morocco 27 August 2014 Circle Oil Plc (AIM: COP), the international oil and gas exploration, development and production company, is pleased to announce the following operating update. Sebou and Lalla Mimouna Permits The third drilling campaign in the Sebou permit and first campaign in the Lalla Mimouna permit continue with the spud of the second well named CGD-12 to be drilled in the Sebou permit. The 12 locations initially chosen for the campaign are targeting accumulations similar to the existing producing geological intervals in the Sebou permit. This second well will test a dipping fault bounded sand lens at 1,021 metres MD in the Guebbas Formation within which many of the previous discoveries have been successfully drilled. Depending on progress rates the well is expected to take approximately 30 - 35 days to drill. hTtp://www.circleoil.net/en/news-media/latest-news/2014/operating-update-morocco If successful may have an affect on FAST share price. IMHO
09/7/2015
13:12
cgod: Here it is in FULL. Fastnet Oil & Gas conserving cash as it looks for new assets 09 Jul 2015 There is no point in denying that the dry hole that AIM-listed Fastnet Oil & Gas (LON:FAST) experienced over year ago now, offshore Morocco, was a key turning point for the AIM–listed, Dublin based Junior. Its shares fell 42% on the day the duster was announced; and it was a severe blow for investors who had hoped the company’s Foum Assaka block in the Agadir Basin would deliver the same kind of huge rewards that the deep waters offshore Mozambique yielded for fellow AIM–listed darling Cove Energy, who shared some of the same advisers as Fastnet. The disappointing well led to a period of restructuring and consolidation for Fastnet. In December Carol Law, who had been chief operating officer (COO) of Anadarko East Africa, became chief executive officer (CEO), replacing Paul Griffiths and Cathal Friel became non-executive chairman. The emphasis has been on conserving cash and cutting costs. Under Law general and administration costs (G&A) have been almost halved and the company as of May 31 had a cash position of around US$16.2mln. Since the board room reshuffle Fastnet declined to exercise its option to farm into the Tendrara Lakbir licence onshore Morocco. Friel told Proactive Investor the company wanted to limit its financial exposure to a single well. “We did not want to sole risk ourselves on a well which would eat up a lot of our funds. Wells in Morocco are expensive,” he said. Fastnet is retaining its 12.5% interest in Foum Assaka, but unlike the first well, a second putative well will not be carried by partner Kosmos, so there will not by any more drilling by Fastnet in Morooco in 2015. The company’s other current assets are in the Celtic Sea, offshore Ireland. These have recently been re-jigged. Options over the Molly Malone and Mizzen licences in Celtic expired on May 31 and Fastnet submitted applications for new licencing options over portions of the original licencing options. This means there are now five interests: Mizzen East (100% gross interest and which covers 1,55km2), Ventry (100%, 996 km2), Deep Kinsale (60%, 285km2), Shanagarry (82.35%, 881km2) and Block 49/13 (85%, 272km2). This acreage is high-graded and thought to have good reserve potential based on proven petroleum systems, previous discoveries of gas heavy oil, light oil and technical evaluation. Farm-ins have been mentioned. However, Friel is keen not to raise expectations too high. He says: “There is no visibility in the oil price.” By this he means it has gone down by 50% and there is still a feeling that, although it has recovered somewhat, it will not get back up to really good levels for some months. “Until Tony O’ Reilly concludes a farm-in for Barryroe, do not expect too much activity for others involved in the Celtic Sea,” Friel adds. Tony O’Reilly is the CEO of Providence Resources, which made Ireland’s first commercial oil discovery in the Celtic Sea on the Barryoe licence. O’Reilly seems close to concluding a farm-in deal soon, but it has taken him a couple of years get to this point. Brokers to ascribe no value to either Fastnet’s Moroccan or Irish assets in the share price, pointing out it is underpinned by cash. Analyst John Frain, at Dublin based broker Davy, says: “The difference between Fastnet and companies in its peer group is that many of them are really strapped for cash and Fastnet is not. “There was talk not so long ago that Fastnet would be up for sale but that is no longer the case. “The company has cut costs, saved its money and is waiting for better times with the assets it has. The management also believes there distressed assets out there that it has the money to acquire.” At just 2.25p the shares for a market capitalisation of £8.1mln the company is actually selling at a 20% discount to the its the cash value. At some point, one suspects, investors will spot this anomaly.
05/6/2014
16:12
chimp999: Fastnet share price could possibly be influenced (imvho) sometime after 15th June as Tangiers Petroleum are due to spud TAO-1 on or around that date. Their TAO-1 well is located within a proven petroleum system, adjacent to the Cap Juby oil discovery. Tangiers Petroleum's Tarfaya Block is not too far in distance from our Foum Assaka Block Whether or not there is any geological link between the Fastnet and Tangier's Plays I have no idea...however the markets MAY react positively for Fastnet if TPET strike good quality oil. All imvho of course... I do not hold any Tangiers Petroleum shares and this is not a ramp for either company in anyway shape or form. I have however invested approx £23K of my hard earned readies into Fastnet, having worked hard bringing my average down :) The current value of my holding in Fastnet is down to around £13K , however I am personally comfortable that my long hours of research into Fastnet antd the BoD will pay handsomely by summer 2015, as as that is the end of the 3 year lifespan of Fastnet as stated by the BoD when Fastnet began on AIM in summer 2012. I have learned to be prepared to average down, no matter where you may think a share price has bottomed out. At one stage I was convinced that the Fastnet share price would not go much below 17 pence .......and then there was the 14 pence placing....then... we know what happened after that. GLA Chimp999 ( fast, panr, frx )
22/5/2014
17:13
cgod: Fastnet Oil & Gas optimistic for a Celtic Sea farm-out this year By Jamie Ashcroft, May 22 2014 Fastnet Oil & Gas (LON:FAST) is increasingly optimistic of a successful farm-out of its Celtic Sea acreage later this year. The company said it has been making "very good" progress with the farm-out process, helped by the new 3D seismic data and a successful industry event hosted in Dublin recently. "Last summer when we tried initially to farm out our Celtic Sea assets we were running that process with only the old legacy 2D seismic data. Now, with our new state of the art 3D seismic completed, the level of farm out interest has improved substantially," the company told investors. Last month's Celtic Sea conference in Dublin, organised partly by Fastnet, was attended by over 300 people including representatives from more than 20 international oil and gas companies. The event highlighted a resurgence in the level of industry interest, Fastnet said. The company expects any farm-out deal would see it recoup a portion of back costs, which total US$20mln. Fastnet's management team is in London today meeting investors. In a separate, stock market statement, Fastnet highlighted its current cash balance of US$22mln, which leaves it fully funded for planned work programmes in Ireland and Morocco. Managing director Paul Griffiths said: "In challenging times for the oil and gas sector we are satisfied that Fastnet is prudently managing its cash resources whilst still creating momentum in developing its portfolio of offshore and onshore assets to a stage where drilling can occur. "We will pursue our strategy of reducing our financial exposure to drilling through a tried and tested farmout process on the basis that exposure to sustained drilling activity offers the best opportunity to create substantial value through the drill bit." Focussing on its assets in Morocco, Fastnet described the FA-1 well, which did not find hydrocarbon in commercial volumes, as a "range finder" and told investors its participation in the well cost the company less than US$2.75mln, due to a farm-out deal struck prior to drilling. The findings of FA-1 and Cairn Energy's nearby Foum Draa well, which also disappointed, allow future exploration to focus better on the main reservoir fairways in the region. Fastnet said in-house, post well studies are encouraging for continued evaluation of the hydrocarbon prospectivity of the block. It added that the Early Cretaceous remains an important target in the Foum Assaka area, and that management believes all aspects of the petroleum system have now been de-risked except reservoir thickness and quality. "The FA-1 well represented a high risk - high reward drilling opportunity that was executed with minimal financial risk to Fastnet shareholders through a prudent and successful farm-out process," Griffiths said. "Whilst high risk - high reward drilling opportunities continue to be developed in Foum Assaka following FA-1, the remainder of the portfolio, which contains much lower risk but equally high reward multiple prospects, continues to be matured ready for drilling." The company, under the terms of its farm-out deal with SK, would be 'carried' up to US$100mln for a second well within Foum Assaka. Fastnet, meanwhile, is also now preparing to select a well location for a programme at the Tendrara project, onshore Morocco. To facilitate this decision the company expects the reprocessing of data will be completed in the coming weeks. Cantor Fitzgerald analyst Sam Wahab today said Fastnet shares were 'oversold' after the FA-1 result, as he repeated a 'buy' recommendation and a 19p price target. "We remain of the view that the company's shares were oversold following the disappointment at FA-1, especially given that Fastnet were carried on the drilling costs," the analyst said in a note. "The company is well funded with a $22m (4p/share) cash balance and a further carry offshore Morocco. Taken alongside attractive acreage onshore Morocco and offshore Ireland, ripe for farm-out transactions, we view the current share price as a compelling entry point for investors into a well-diversified (both geographically and in terms of geological risk appetite) E&P play."
03/7/2014
13:06
cgod: Fastnet Oil & Gas goes for easy wins in Morocco By Jamie Ashcroft, July 03 2014 . A farm-out deal in the coming months and "easy wins" onshore Morocco could help re-ignite enthusiasm for AIM-quoted Fastnet (LON:FAST). Fastnet shares slumped in May after a hotly anticipated, frontier exploration well offshore Morocco encountered oil and gas shows but not commercial volumes of hydrocarbons. For some time the naturally high risk offshore venture was the main attraction for investors, but, according to Will Holland, Fastnet's recently appointed chief financial officer, the potential of the onshore acreage will soon become apparent. Tendrara, the asset in question, is a very much overlooked part of the Fastnet portfolio, the CFO says. And crucially, Holland points out that onshore the emphasis is on appraisal and development rather than exploration. "The appraisal aspect of the company has been widely overlooked. We've historically been known as an explorer – and we do have very good exploration prospects both offshore Morocco and offshore Ireland. But, for me, coming from a finance background, one of the things I would do as a mezzanine lender, was look for companies that had a discovery element to them, that needed to be appraised to unlock value. And that is what I think we've got here." Tendrara is very large, at around 14,500 square kilometres, and it already a hosts a known discovery within the block. "The [known] field is about 300 bn cubic feet of gas on a P50 basis and we think it could be as big as 900bcf. So, we are looking to appraise and develop that field." By drilling a couple of wells on the property, Fastnet intends to fundamentally prove that commercial rates can be achieved from the field. It is to dispel doubts created by technical problems with a well drilled by another operator, prior to Fastnet's involvement. Holland says that there will be some "easy wins" for Fastnet in this regard. "The [previous] well was drilled very badly. If you're looking for operational excellence, that really didn't occur. Drilling with the right weight mud, completing the wells properly, using the correct perforation charge - none of this was done previously. If we can prove we can produce 5mln cubic feet of gas from the asset per day, and we're very confident that we can, then we will have suddenly opened what could become a 1tcf gas field. And that is one field in a block which has got many other prospects." An appraisal well is scheduled for the fourth quarter of this year, and depending upon results could be followed by second well shortly thereafter. Offshore the company remains upbeat on the prospectivity, as it recognises that multiple 'range finder' wells needed as the exploration frontier is de-risked. Indeed, more wells will go down in the coming weeks and months – work recently began on the Galp Energia operated TAO well, which involves fellow exploration junior Tangiers (LON:TPL). In the meantime, another significant share price catalyst seems to be brewing nearer to home. Negotiations to bring in a partner into Fastnet's Celtic Sea project's, off Ireland's Cork coast, have been ongoing for some time, and the recent completion of 3D seismic looks to have expedited this process. Fastnet's is one in a number of farm-outs currently in the works for prospects in the Celtic Sea and the company has seen significant interest from a number of interested parties, according to Holland. He says Fastnet is now confident of securing a deal within the next three to six months. Perhaps investors can read director Carol Law's recent share purchases – she bought 1mln shares earlier this month for around US$100,000 - as an indicator of the confidence within the group. Before joining Fastnet, Law was an exploration manager for Anadarko Petroleum, the major international E&P, and she is understood to be the hand steering the farm-in negotiations. Holland says Law is very skilled in farming down these kinds of assets, as he explains: "She knows what the majors are looking for, and she knows how we need to bring it all together."
26/6/2013
00:09
oilbuy: Let's see what happens with the Dunquinn drill. Will the FAST share price move either direction based on that result. Of course it will !!!!
29/6/2015
22:39
papillon: simonparker5, I remember the founder, Finian O’Sullivan, of Bayfield Energy (BEH) spending hundreds of thousands of pounds back in 2012 buying BEH shares at around 50p per share. Within a year BEH were almost skint and the share price was around 13p!! They had to be bailed out via an RTO which priced the BEH shares at the equivalent of 12p. Now that company, TRIN, is almost skint!! PS. Finian O’Sullivan is a very rich man and the founder of the extremely successful Burren Energy. BEH proves that very rich men DON'T always make the RIGHT investment decisions!! They too can fall in love with their creations, just like PI's fall in love with shares. What I will say about FAST is they are not going skint anytime soon. The share price trades at a discount to their cash. That's why I'm invested in FAST
31/8/2015
14:07
icebreaker: My concern too Buffy. Papillon correctly pointed out that the presentation suggests that they only require £10 Million which is (coincidentally) what we have. That said, if they are going for an IPO it would make sense that they use the opportunity to raise further cash, as opposed to a placing at some stage in the future. CF however does seem concerned with shareholder value and this is no better illustrated in the same document where he makes it clear that Fastnet will only acquire further businesses (after the initial) each time the share price doubles. On that basis, I would like to think the priority is to return value to shareholders and not over gear the business. I too opened a spread bet last week with a stop at 2.42 - I was getting a little twitchy at one point. It does make sense if you believe that the share price will rise in the short term and of course, its tax free. Good luck everyone - only 18 hours til the market opens!
03/10/2014
14:41
cgod: Dump Urals Energy and Buy Fastnet Oil & Gas BY JAMES PARTER | FRIDAY 3 OCTOBER 2014 Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Today I cover another pair trade. This time I say dump shares in Urals Energy (UEN) and grab a slice of Fastnet Oil & Gas (FAST). Here is why. In short, Urals is an obscenely risky play and Fastnet is an extremely tasty, low risk, play. I could bore you to death with a long summary of Fastnet Oil, but let me keep it snappy. * Share price 5.75p. As high as 8.5p over past month. Share price tanked with FTSE move. Directors bought £60,000 worth at 6p. * Headed up by brilliant team of management. Exploration director headed up Anadarko's giant gas finds in Mozambique. Anadarko is a £30 billion NYSE listed stock * Valuation is £20 million and Fastnet has $19M in cash and so for just £8 million you are getting: * Morocco offshore asset with BP, Kosmos and SK Innovation. All multi - Billion companies. First well found live oil shows at bottom of well but they did not drill deep enough. A technical win * Major multi-well drilling programme onshore Morocco. First work to start this quarter and there is a 70% chance of success - gas has already been discovered! Double digit $ gas prices in Morocco. Up to 900 billion cubic feet of gas. Think Horse Hill on Double Steroids! * Farmout of Celtic Sea asset before 2015 with supermajor? Potential oil of 18 billion barrels and 7.5 trillion cubic feet of gas Fastnet is a massive stonking buy on the above
03/10/2014
14:41
cgod: Dump Urals Energy and Buy Fastnet Oil & Gas BY JAMES PARTER | FRIDAY 3 OCTOBER 2014 Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Today I cover another pair trade. This time I say dump shares in Urals Energy (UEN) and grab a slice of Fastnet Oil & Gas (FAST). Here is why. In short, Urals is an obscenely risky play and Fastnet is an extremely tasty, low risk, play. I could bore you to death with a long summary of Fastnet Oil, but let me keep it snappy. * Share price 5.75p. As high as 8.5p over past month. Share price tanked with FTSE move. Directors bought £60,000 worth at 6p. * Headed up by brilliant team of management. Exploration director headed up Anadarko's giant gas finds in Mozambique. Anadarko is a £30 billion NYSE listed stock * Valuation is £20 million and Fastnet has $19M in cash and so for just £8 million you are getting: * Morocco offshore asset with BP, Kosmos and SK Innovation. All multi - Billion companies. First well found live oil shows at bottom of well but they did not drill deep enough. A technical win * Major multi-well drilling programme onshore Morocco. First work to start this quarter and there is a 70% chance of success - gas has already been discovered! Double digit $ gas prices in Morocco. Up to 900 billion cubic feet of gas. Think Horse Hill on Double Steroids! * Farmout of Celtic Sea asset before 2015 with supermajor? Potential oil of 18 billion barrels and 7.5 trillion cubic feet of gas Fastnet is a massive stonking buy on the above

Fastnet Equity Most Recent Trade

Trade Type Trade Size Trade Price Trade Date Trade Time Currency
O 100,000 2.72 28 Aug 2015 16:23:39 GBX


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