Fastnet says it is still looking for a partner for its project off the Moroccan coast despite raising £10million through a new share issue.
The London-listed exporer saw its share launch oversubscribed with new and existing investors.
The extra cash will be used with the company’s existing assets to fund its share of exploration costs for the Foum Assaka licence off Morocco while Fastnet looks to secure a farm-out partner for the project.
The licence is thought to contain upwards of 360million barrels of oil equivalent, with Fastnet holding a 25% stake in the field.
The extra funds will also cover farm-in costs for the Tendrara-Lakbir onshore development in Morocco.
“Fastnet has established a portfolio of over 25,000 km2 under licence in two emerging industry “hot spots” in both offshore and onshore Morocco and offshore Ireland and I welcome the support from new and existing shareholders as we progress towards exploration drilling in Morocco in early 2014,” said managing director Paul Griffiths.
“Following the recent entry into an exclusivity agreement with a third party to finalise a FOA in the Foum Assaka Licence, Fastnet is in a strong position of having a potential farm-in partner for near term exploration drilling offshore Morocco and, subject to the FOA being completed, the new money raised will allow the Company to drill an appraisal well on the Tendrara-Lakbir Licence, onshore Morocco.”
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