Fastnet Announces Opening of Celtic Sea Assets Data Room
Further to the announcement of 19 March 2013, Fastnet, the listed E&P company focused on near term exploration acreage in the Celtic Sea and Morocco, announces that it opened the data room for its Celtic Sea assets on 22 March 2013 and that a range of super majors, mid-caps and small-caps are conducting initial due diligence.
Grant of options
The Company also announces that share options over a total of up to 1,500,000 new ordinary shares of 3.8 pence each in the Company (“Option Shares”) have been awarded to Gama Services Limited a company beneficially owned by Paul Griggs, a consultant and advisor to the Company. The Option Shares have an exercise price of 26.0 pence per ordinary share, being the mid-market closing price per share as at 22 March 2013.
The Option Shares will become exercisable conditional on the achievement of certain performance related milestones in relation to Fastnet’s Celtic Sea assets, principally related to a farm-out agreement being executed (the “Celtic Sea Condition”). The number of Celtic Sea Option Shares to vest on satisfaction of the Celtic Sea Condition will be determined by the Company’s Remuneration Committee at its discretion.
The Celtic Sea Option Shares will lapse on the third anniversary of the date of satisfaction of the Celtic Sea Condition.
Press Release, March 25, 2013