,




Bought some more of these yesterday... could be a good runner this one...below is a flavour of what it's all about..well rec'd by the market! (dyor, imho)


RNS Number : 4221I

Fastnet Oil & Gas PLC

25 July 2012

25 July 2012

Fastnet Oil & Gas plc

Publication of Independent Technical Report

Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the newly listed E&P company focussed on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce the publication of independent technical reports by SLR Consulting (the "Technical Reports") on the Molly Malone Basin and Mizzen Basin.

Highlights
-- Total best case unrisked in-place resource estimates for:
o The Mizzen Basin is approximately 2.4 billion boe (oil case) or 957 MMboe (gas case)

o The Molly Malone Basin is approximately 12.5 billion bbl (oil case) or 3.6 billion boe (gas case)
-- Technical Reports corroborate the Company's estimates stated on Admission
-- The reserves potential outlined in the Technical Reports fits with the Company's strategy of targeting high impact licences that are likely to be attractive to oil industry majors

-- Outline of a seismic re-processing programme in order to de-risk and mature prospects within the licence areas

-- Confirms the significant opportunity presented by the currently under explored Molly and Mizzen Basins

-- On completion of the work programmes, in line with the Board's strategy, both the Molly and Mizzen Basins could present a high impact opportunity to potential major industry players

Table of independent technical estimates

Mizzen Basin
--------------------- ---------------------------- ----- -----------------
Trap Unrisked in-place GPoS Main risk
resource estimates
--------------------- ---------------------------- ----- -----------------
Low Best High
--------------------- -------- -------- -------- ----- -----------------
Wealden Oil (MMbbl) 571.2 1,799.3 3,898.5 4% Source
--------------------- -------- -------- -------- ----- -----------------
Wealden Gas (BCF) 658.6 2,074.7 4,723.6 12% Seal
--------------------- -------- -------- -------- ----- -----------------
Triassic Gas (BCF) 1,473.7 3,108.2 9,355.9 5% Seal & migration
--------------------- -------- -------- -------- ----- -----------------


Molly Malone Basin
-------------------- -------------------- ----- ----------
Trap Unrisked in-place GPoS Main risk
resource estimates
- Best estimate
-------------------- -------------------- ----- ----------
North prospect Gas
(BCF) 10,448.4 12% Maturity
-------------------- -------------------- ----- ----------
South Prospect Gas
(BCF) 9,127.9 8% Maturity
-------------------- -------------------- ----- ----------
North Prospect Oil
(MMbbl) 6,677.3 9% Migration
-------------------- -------------------- ----- ----------
South Prospect Oil
(MMbbl) 5,833.4 5% Migration
-------------------- -------------------- ----- ----------

*The seismic quality and wide spacing precludes production of High and Low estimates for Molly Malone (Source: SLR).

Key: GPoS = geological probability of success; BCF = billion cubic feet of gas, MMbbl = million barrels of oil. 1,000ft(3) of gas is equivalent to 0.1847 barrels of oil (source: Wood MacKenzie).

The Technical Reports validate the Company's strategy set out at the time of IPO in June 2012 of the resource potential in its Molly and Mizzen licencing options. The resource estimates are large, however the geological probability of success figures are at a level which requires the Company to undertake a significant work program to mature the prospects in order to de-risk and identify drill ready targets.

Celtic Sea licence area work programme

Molly Malone Basin

The basin is located within the Celtic Sea Basin in water depths of up to 100 metres. The licensing option covers block 50/26 and part blocks 49/25, 49/30, 50/21 and 50/22 in the North Celtic Sea basin.

The Company plans to undertake seismic reprocessing of the 180 kilometres of existing 2D seismic data, subject to locating, accessing and copying the original seismic field tapes. It should be noted that the 1984 survey is fairly widely spaced and even with good results, this reprocessing can only help to define possible plays and assist in the design of a 3D seismic survey that would add valuable information prior to drilling.

Thick salt has developed over parts of the Molly Malone Basin which obscures the mapping of the prospective Triassic Sherwood Sands over the north-eastern part of the dominant structural lead mapped within the Molly Malone Basin. Pre-stack depth migration will assist in defining fault plane and Sherwood Sand reservoir geometry beneath the salt.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section beneath the Triassic salt in the Molly Malone Basin, through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies in order to design the appropriate acquisition parameters for any potential 3D seismic survey. Additionally, further analysis of the existing seismic data is needed to examine the potential for north-eastern closure for the dominant prospective lead in the Molly Malone Basin before a significant financial commitment to a 3D seismic survey can be made.

Mizzen Basin

This basin is located within the Celtic Sea Basin in water depths of up to 160 metres. The licensing option covers blocks 55/14 and 55/15 and part blocks 55/9 and 55/10 in the South Celtic Sea basin.

Fastnet intends to reprocess a minimum of 550 kilometres of existing 2D seismic data, subject to locating, accessing and copying seismic field tapes.

Sub-Chalk interbed multiple content is a particular issue in parts of the Mizzen Basin which obscures the presence of unconformities; reduces the level of confidence with respect to picking stratigraphic markers due to an inability to identify velocity breaks; hampers correlation across faults; and prevents detailed stratigraphic analysis of potential seismic sequence geometries and reconnaissance amplitude mapping. Pre-stack depth migration could potentially assist defining the complex fault plane traces seen on existing seismic data; better identify potential discordant igneous intrusions; and better resolve subcrop relationships and significant unconformities where steeply dipping seismic events terminate at specific levels within the stratigraphic sequences.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section in the Mizzen Basin through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies, in order to design the appropriate acquisition parameters for any potential future 3D seismic survey to be acquired.

Design of 3D Seismic Survey

Subject to satisfactory results from the 2D seismic processing, a 3D seismic survey will be designed and appropriate acquisition parameters put in place to reflect the depth and nature of the primary prospective horizons present in the Molly Malone Basin and Mizzen Basin.

Working Capital

The funding requirement for Fastnet arising during the initial 18 month licence options in respect of proposed work programmes for the Molly Malone and Mizzen Basin is expected to be approximately GBP0.5 million.

Dr.Steve Staley, CEO of Fastnet commented:

"I am very pleased to announce the publication of these independent technical reports on our Celtic Sea licences. The findings confirm our own initial estimates of the potential resource estimates that we published in our IPO prospectus in June 2012. They concur with our strategy of targeting and acquiring large scale, high impact acreage, in areas well known to our technical team which are of likely interest to other industry partners.

"The Barryroe discovery in the Celtic Sea, close to our acreage, has proven large scale commercial oil finds exist in the Celtic Sea and through the Mizzen Basin and Molly Malone Basin, we are confident that substantial reservoir structures exist. Some members of the Fastnet team, including Paul Griffiths, carried out exploratory work on the Mizzen Basin in the early 1990's and they believe it is one of the greatest unexplored structures in the Celtic Sea. The Molly Malone Basin has had little to no exploration to date, as for decades it sat adjacent to the international median boundary line between the UK and Ireland, which has only recently been clarified; giving Fastnet a huge opportunity.

"We look forward to progressing the work programmes across the licence area, as we seek to mature the prospects to drill ready status and I look forward to updating shareholders on developments as appropriate."

Be very careful with these AIM startups , for this company to progress any of its
desired projects will require FUNDING and that will mean DILUTION OF SHARES to
achieve it.

You would be safer waiting to see how much they dilute share capital and at what
price per share before commiting any funds into this, the AIM market is littered with
oil and gas startups that have diluted massively and i have yet to find one that has
ever progressed anything without HUGE and DAMAGING DILUTION to shareholders.

They basically eat up all funds raised at IPO on intial activity, by the time a drill bit
ever starts turning most companies will have diluted their shares by up to 5 + times
the initial float level.

If they can do all this and keep the SP around the 2p - 3p level ahead of a drilling
campaign it may be worth a small punt.

PS - some of the faces in this outfit HAVE FORM that the above will happen

Fair point...I tend to agree with you...be interesting to see how it plays out.

I'm ahead with NEW..got in at the beginning around 5.75p and it's 10pish now and should kick on in the next few weeks/months.

Did well with US Oil & Gas as well..sold at a nice profit..should've stayed in for a better SP but happy anyway.

Fastnet Oil & Gas will continue to gain momentum, says broker
Fastnet joined AIM in May and since then it has moved swiftly – adding offshore projects in Ireland and Morocco High flying oil firm Fastnet Oil & Gas will continue to gain momentum as new investors are introduced to its story, according to the sales team of City broker finnCap.




http://www.proactiveinvestors.co.uk/companies/news/46219/fastnet-oil-gas-will-continue-to-gain-momentum-says-broker--46219.html

Cool! think I'll stay in for a while and see what happens! :)

Getting press publicuty


Interesting article in the Daily Mail yesterday about Morocco being the next big thing given it is relatively under-explored, known to have significant hydrocarbon reserves and has a favourable tax regime to entice western companies to invest - especially compared to neighbouring North Afican countries like Algeria.

http://www.thisismoney.co.uk/money/investing/article-2186720/INVESTMENT-EXTRA-Under-explored-Morocco-radar-oil-companies.html


http://www.dailymail.co.uk/money/investing/article-2186720/INVESTMENT-EXTRA-Under-explored-Morocco-radar-oil-companies.html

so far so good!... shaping up nicely!

Fastnet Oil & Gas

The newly listed firm, backed by members of the Cove Energy team, is paying an initial US$8 million to acquire an 18.75 per cent stake in a venture led-by Kosmos in the Agadir basin. The acreage contains 23 identified prospects that are said to be consistent in scale with producing West African fields. And interpretation of new seismic, shot this year, is expected to add ‘significant additional resources’. Fastnet says there is an opportunity for near-term ‘high impact’ drilling with the first well is slated for next year. And it also says that industry interest in the region provides the company with a ‘prudent option’ to farm-out some of its acquired stake. For a newly listed firm, valued just shy of £20 million, the acquisition is seen to be a significant and potentially transformational deal



http://www.proactiveinvestors.co.uk/companies/news/45803/morocco-a-magnet-for-savvy-oil-explorers-45803.html

Could be something brewing ? looking good!

I'm out for the moment...took a 30% profit and gone into QPP & TWL...

Fast could still make big gains so very confident about FAST..might come back in again at an opportune moment!

On the up again today and all buys so far, new Break out on the lovely uptrend

moving further ahead, below the last BUY signal from Mirabaud a couple days ago

29.50p +1.25p

Fastnet Oil worth 38p per share reckons Mirabaud / 6 November 2012 - by Philip Whiterow

Fastnet’s primary asset is an 18.75% stake in the highly prospective Foum Assaka licence offshore Morocco.

Broker Mirabaud rates Morocco and Irish Sea explorer Fastnet (LON:FAST) as a buy based on an estimated value for its assets of 38p.
Fastnet’s primary asset is an 18.75% stake in the highly prospective Foum Assaka licence offshore Morocco, held in partnership with US-listed explorer Kosmos Energy.
It also holds two 100%-owned but earlier-stage licensing options offshore southern Ireland, with audited prospective resources of more than 14bn boe in place.

Mirabaud said that in coming to its asset value estimate it ascribed heavily risked value to a notional exploration drilling target (200 mmbbls) offshore Morocco and also to one longer term prospect (150 mmbbls) offshore Ireland.
The broker also used DCF methodology with a US$85/bbl long term Brent oil price and a 10% discount rate.
“Given the upside offered by this valuation and the potential for further portfolio additions, we initiate with a ‘buy’ recommendation and a price target of 38p,” Mirabaud added.

Fastnet Oil worth 38p per share reckons Mirabaud

Has finally decided to go much higher this afternoon and make a new high 30.50p +1.50p

Yesterday's news of other companies has found oil in Ireland offshores is giving the stock a lift

Further good news as the share price moves into new highs >>>>>>>

32p +0.875p

Fastnet Oil & Gas plc
Award of licensing option in the North Celtic Sea

Fastnet Oil & Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focused on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce that it has been notified by the Petroleum Affairs Division of the Irish Department of Communications, Energy and Natural Resources (the "Department") that it has been awarded a licensing option ("Licensing Option") of part blocks 49/7, 49/8, 49/9, 49/12 and 49/13 in the North Celtic Sea, offshore Ireland. The Licensing Option commences from 15 November 2012 until 14 May 2014.
Highlights

-- 18 month licensing option requiring the re-mapping of the area and review of existing seismic data with value enhancing 3D seismic acquisition anticipated

-- Potential to extend the Licensing Option by a further 18 months subject to a satisfactory work programme being agreed with the Department

-- Hydrocarbon-bearing sections extend over a gross interval of up to 700 feet in early wells drilled by marathon in 1974 and 1986

-- Oil and gas-bearing reservoirs developed at several separate levels

from Investors Chronicle >>>>>>>>>>>>

More action offshore Ireland

Three junior oil explorers have outlined huge new targets offshore Ireland, causing shares of one company to rise more than 350 per cent in a day

The hunt for Irish oil continues, with three junior oil explorers outlining huge new targets at their prospective licences offshore Ireland.

Dublin-based minnow Petrel Resources (PET), formed in the last big Irish oil rush during the early 1980s, returned to the area in 2011 and has since carried out detailed seismic analysis of its licences in the Irish Atlantic Margin. The work culminated this week in the delineation of a target called Quad 35, which has 1bn barrel potential, comprising a number of vertically stacked reservoir targets that can be tested with one well. Shares of Petrel soared 362 per cent on the day of the announcement, from 6.4p to 30p, although they have since levelled off at 20.5p.

Meanwhile, Providence Resources (PVR), the big boy in Irish waters in terms of junior exploration companies, released a similar announcement on the same day as Petrel, although its shares added just 1 per cent. Investors are instead focused mainly on the company's exciting 2013 drill program, which kicks off in the first quarter. Nevertheless, Providence has outlined yet another huge target in the Porcupine Basin of the Irish Atlantic Margin, this time at its Drombeg licence. Based on a 2D seismic anomaly, Providence says the prospect could contain as much as 2.97bn barrels of oil in place.

Lastly, Fastnet Oil & Gas (FAST), run by high-profile ex-Cove Energy executives, announced it is optioning an 82.35 per cent interest in the Shanagarry licence east of Providence's Barryroe oil field. The company did not release estimates of potential prospect sizes but said a well drilled there by Marathon Oil in 1984 found a combined 500-foot gross oil and gas column.

IC VIEW:
We decided to book profits on our long-term successful buy tip Providence earlier this summer, but will look to re-enter the stock over the coming months. We last profiled Petrel as a stock to watch in our special on Irish oil on 19 October, and now rate both it and Fastnet as speculative buys.

Fastnet Oil & Gas an exciting explorer in the making, says finnCap
10:27 am by Jamie AshcroftIt is expected that the first well will be drilled in Morocco, while drilling is likely to start in 2014 on the Irish assets.



Fastnet Oil & Gas (LON:FAST) has a platform to build an exciting exploration company, according to City broker finnCap.

In a note to clients today analyst Will Arnstein said Fastnet now has three distinct legs of the business in place which provide exposure to high impact acreage in Morocco and Ireland.

“The near-term focus is on de-risking a number of material prospects identified in each of these areas ahead of drilling the first exploration wells in the second half of 2013,” Arnstein said.

Arnstein says it is expected that the first well will be drilled in Morocco, while drilling is likely to start in 2014 on the Irish assets.

“As an early-stage exploration company, the underlying investment case for Fastnet is in the track record, technical skills and relationships of the management team,” he said.

“The capture of the Foum Assaka acreage, which we rate highly, is a prime example of this, while by partnering with Kosmos, Fastnet gains valuable ‘knowhow’ in the primary play.

“Furthermore, these relationships should help identify new opportunities that may add considerable value over time, but are not possible to quantify today.”

MIDAS SHARE TIPS: Oil and gas group Fastnet aims to deliver rapid threefold share price rise



By Joanne Hart, Financial Mail On Sunday

PUBLISHED:22:31, 5 January 2013| UPDATED:22:31, 5 January

Stock markets tend to look on the bright side at the beginning of a new year and so it has proved in 2013.


Brokers are hoping that the British economy will grow faster this year than last, that the eurozone will finally begin to recover and that the rest of the world will move at a livelier pace than in recent months.


While there is a more optimistic feeling in the City than in January 2012, concerns remain.


With that in mind, Midas has selected three top tips for 2013 that should generate superior returns for investors, even if economic growth remains sluggish.


Venture: Fastnet wants a partner

Our first tip is Fastnet Oil and Gas, a junior exploration company whose explicit intention is to deliver rapid results for shareholders.


The shares are 221⁄4p and the board believes the price could triple over the coming year. In most cases, such assertions would be met with scepticism, but the Fastnet team inspires confidence.


The company’s founders include three of the leading directors at Cove Energy – John Craven, Michael Nolan and Stephen Staley. Cove was another junior oil play, set up in 2009 and sold for £1.2billion last year to PTT of Thailand.


Now the trio aim to repeat the experience at Fastnet, aided by chairman Cathal Friel, a highly successful banker with 25 years’ experience advising companies, and Carol Law, who has spent her career in oil exploration, most recently at American oil giant Anardarko Petroleum Corporation.






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Fastnet is focusing initially on Morocco and the Celtic Sea and it already has substantial assets in both areas. Unlike many junior oil companies, Fastnet intends to concentrate on exploration, seeking out early signs of promise rather than covering everything from discovery to production.


In Morocco, for example, it has already formed a joint venture with US oil group Kosmos Energy, which will be responsible for financing a large proportion of the development costs.


Fastnet will participate but it will not take on the entire burden itself. In this way, the group hopes to generate value for shareholders without constantly returning to the market for cash.


The same policy is being pursued in Ireland, where the company has licences over a substantial area in the Celtic Sea and is actively seeking a larger partner to further assess these assets. In the meantime, the company is fully funded for 2013 and expects to deliver a series of encouraging news updates over the next few months.


Midas verdict: Small oil and gas companies always carry an element of risk but the Fastnet board seems sensible, focused and determined to succeed. At 221⁄4p, the shares should go far. Even the ticker symbol bodes well. Buy.

Good climb today with the midas share tip on the weekend

Looks to me to have interesting potential, as Providence Resources ( PVR ) have
found oil in Celtic Sea and Fastnet I understand have three areas in the Celtic Sea,
so are an obvious attraction.
Fastnet does not seem to have exploration in other countries, apart from Morocco.
Fastnet market capitalisation is still small - about 70 million £, compared to Providence.

I think any drilling in Celtic Sea areas may not happen until ?? 2014 so there does not
seem to be any hurry to buy into the shares before serious action gets underway.
I suggest the share prices may drop back to levels nearer to where they were before
the Midas new year share tip, over the coming few months, and could perhaps be
bought at 22p or thereabouts.

I agree the tip seems to be the reason for the recent rise.

These Midas tips are well worth investing in.