Fastnet appoints Chief Executive. Managing director leaves

Fastnet, the UK and Irish listed E&P company with assets in Ireland and Morocco, has appointed Carol Law as Chief Executive. She has been an Executive Director of Fastnet since 30 October 2012.

According to Fastnet, during her time as Executive Directore, Law has worked closely with the company’s senior management team to develop and execute its near-term growth strategy. She has also worked with Fastnet’s technical teams and partners to de-risk and high-grade existing opportunities to create shareholder value, Fastnet has said.

“As Chief Executive, Carol will lead the implementation of the Company’s strategy of monetising its existing assets and prudently managing its significant cash reserves in order to restore and create shareholder value,” Fastnet’s statement reads.

Law is a geologist by training and has over 28 years experience in the petroleum industry in exploration management, exploration geology, research, and consulting in a variety of geological settings worldwide. During her career Law has been involved in exploration activities in more than 40 countries and has been a member of teams responsible for discoveries in Mozambique (Rovuma Gas), Ghana (Jubilee), Brazil (multiple Campos Basin discoveries), Alaska (Nikaitchuq), China (Bohai Bay) plus Angola, GOM, and others.

MD seeks other opportunities

In addition, the company has announced that Cathal Friel, Executive Chairman, will assume the role of Non-Executive Chairman, the original role he had at the time prior to the Company’s acquisition of Pathfinder Hydrocarbon Ventures Ltd in July 2012.

Fastnet has also announced that Paul Griffiths, Managing Director, has resigned from the Board and leaves the Company with immediate effect to pursue other business opportunities.

The Board now comprises two executive directors Carol Law as CEO and Will Holland as CFO and three non-executive directors: Cathal Friel (Non-Executive Chairman), Michael Nolan (Non-Executive Director) and Michael Edelson (Non-Executive Director).

The Board has also agreed to seek to appoint an additional independent non-executive director with suitable E&P industry experience.