Fastnet prepared to drill maiden well off the coast of Morocco next year

Irish exploration firm, Fastnet Oil & Gas is set to drill its maiden well — off the coast of Morocco — at the tail-end of next year.

Last month, the firm raised over €18m in a heavily oversubscribed share placing, in order to fund the Moroccan drilling programme.

Some of the proceeds were also earmarked for the company’s 3D seismic survey in the Celtic Sea, also scheduled for 2013.