Fastnet to expand asset portfolio

Fastnet Oil and Gas has said it is "very possible" it will expand its asset portfolio over the next 12 months, with it currently actively reviewing opportunities in eastern Africa.

The Dublin-based explorer — which has prospects in the Celtic Sea as well as on and offshore Morocco — also said yesterday that its planned farm-out deals for both Celtic Sea and onshore Moroccan assets should be concluded before the end of this year.

Last week Fastnet said that there are nine front-runners in the frame for the projects.