Fastnet raises over €18m for Moroccan drilling programme
The Dublin-head-quartered exploration firm — which is dually listed in London and Dublin and has assets in the Celtic Sea and off the coast of Morocco — had initially been hopeful of raising between £10m and £12m through a placing of shares at around 17p.
However, high demand has seen the company raise £15m through a placing of 68m shares — to a mix of existing and new investors — at a price of 22p per share. The placing boosts Fastnet’s market capitalisation from £51m to £60.3m.
