Shares at Irish explorer tumble 50%

Shares in Irish explorer Fastnet Oil & Gas tumbled by 50% yesterday on the back of its maiden drilling round finding no commercial hydrocarbons.

Shares at Irish explorer tumble 50%

Fastnet has a share in two Moroccan licences being operated by US firm Kosmos Energy and the next drilling in the area isn’t expected to get under way until late 2014/early 2015.

The FA-1 well in the highly anticipated Foum Assaka offshore licence was drilled to a total depth of 3,830m but plugged and abandoned after failing to encounter commercial hydrocarbons. The work did encounter elements of oil and gas, suggesting some presence of a working petroleum system.

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