Fastnet exits oil and gas business

Fastnet Oil & Gas has become the first Irish casualty of the sub-$50 oil price environment; opting to exit the sector in favour of investing in the healthcare/ biopharmaceutical industry.

The company is proposing a name change to Fastnet Equity and to channel its near $16m (€14m) warchest into pharmaceutical deals. It has exploration assets offshore Morocco and Ireland. Shareholders will vote on the proposals at an EGM in London on August 28.

“In light of the current economic climate within the oil and gas sector, the board has determined that it is not in the best interests of shareholders to either pursue mergers and acquisitions opportunities in that sector or to expand further resources on the company’s existing oil and gas assets,” the company said.