The board of Fastnet has elected not to exercise the option to farm into the Tendrara Lakbir Licence onshore Morocco. The option expired on 31 December 2014.
Carol Law, newly appointed CEO of Fastnet said,"Current market conditions have severely hindered our ability to attract a partner to join Fastnet in the Tendrara opportunity, thus the Board has elected not to exercise the Tendrara Option Agreement. Fastnet has a strong cash balance sheet with over US$18 million in cash. We believe this is the best decision and we will use great discipline in the allocation of our available cash to ensure maximum value for the shareholders. "