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.
[mappress]
Press Release, March 25, 2013
List of related news articles
-
Posted: 2 months ago
AGR begins decommissioning work on Kinsale field off Ireland
Energy services company AGR has begun decommissioning work on Ireland’s first indigenous gas wells o...
Posted: 2 months ago -
Posted: about 1 month ago
EirGrid picks converter station site for Celtic Interconnector
Irish TSO EirGrid has selected a site at Ballyadam near Carrigtwohill in East Cork on which to build...
Posted: about 1 month ago -
Posted: about 1 month ago
SeaBird joins deep sea minerals hunt
Seismic player SeaBird said it will list its wholly-owned subsidiary Green Minerals on Euronext Grow...
Posted: about 1 month ago -
Posted: 3 months ago
Celtic Interconnector tenders up for grabs
French TSO Réseau de Transport d’Electricité (RTE) and its Irish equivalent EirGrid have launched en...
Posted: 3 months ago