Fastnet Oil & Gas has said that although results were disappointing, the direct net exploration costs incurred by the company, from recent maiden drilling work at its interests offshore Morocco were less than $2.75m.

A hi-tech survey vessel has arrived in the Port of Cork as it helps hunt for new oil deposits off the south coast.

Fastnet Oil & Gas has initiated a farm-out process to help cover the cost of its forthcoming $18m (€14m) surveying activity in the Celtic Sea, which will be the biggest of its kind ever undertaken in the area.