Fastnet to name Morocco beneficiary

Fastnet Oil & Gas is set to name a farm-out partner for its offshore Morocco interests in the next fortnight, and one for its Celtic Sea interests within the first quarter of 2014.

The Dublin-based explorer yesterday announced the raising of £10m (€12m) via a successful share placing.

That money will initially go towards funding Fastnet’s participation in the exploration well being drilled in the Foum Assaka licence area off the coast of Morocco until its farm-out agreement is concluded.