Acquisition of structural capital

Fastnet Oil & Gas' Pathfinder deal is "excellent acquisition", says broker  April 8, 2012 – 04:20 pm
Structural Capital

Broker Shore Capital described Fastnet Oil & Gas' (LON:FAST) acquisition of Pathfinder Hydrocarbon Ventures as an "excellent" deal, so soon after the firm's IPO.

It takes the firm into West Africa with high impact exploration acreage off the coast of Morocco and is a "great deal for shareholders", analyst Craig Howie in a note to clients.

Investors welcomed the announcement, which sees Fastnet become the latest explorer to join the hunt for oil in the region.

As at 3pm, the shares were up 1.12 per cent, to change hands at 11.25 pence.

Fastnet, which came to AIM last month, and is backed by members of the Cove Energy team, has now sealed its first deal with the acquisition -  a stake in what is a high impact exploration venture.

Paying an initial US$8 million it is acquiring 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. 

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.

Source: Proactiveinvestors United Kingdom website

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