Fastnet in management shuffle

Fastnet Oil and Gas, the UK and Irish listed E&P company with assets in Ireland and Morocco, has announced management changes following the appointment of Carol Law as CEO in December 2014.

The company also announced a review of its cost structure in light of the lower oil price environment.

Fastnet says that, as a result of this internal review, Will Holland’s employment as Chief Financial Officer of the company has been terminated and he leaves the Board with immediate effect.

“Difficult decisions have to be taken in the current climate,” says CEO Carol Law.

According to the company’s press release, Ross Crockett, who has been the company’s Financial Controller for the last three years, will continue to support the company’s financial matters going forward.

Michael Lynch, who has been working with Fastnet for the last two years in a variety of capacities, has been appointed Investor and Public Relations Manager.

Carol Law, CEO of Fastnet, commented:

“As previously indicated the Board of Fastnet is determined to deliver reductions in general and administrative costs going forward as part of our drive to restore shareholder value. Difficult decisions have to be taken in the current climate. 

“The Fastnet Board and management team have collectively over 120 years of business and management experience and we have each individually weathered many storms successfully. I look forward to working with the Board and management team as we strive to develop and grow the Celtic Sea asset portfolio, participate in future drilling offshore Morocco, as well as maximise the value of our existing cash balance through opportunistic M&A.” 

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