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RNS Number : 2613D

Fastnet Oil & Gas PLC

27 January 2015

27 January 2015

Fastnet Oil & Gas plc

("Fastnet", the "Company" or the "Group")

Directorate Change

Fastnet (AIM: FAST, ESM: FOI), the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management changes following the appointment of Carol Law as CEO in December 2014 and a review of the Company's cost structure in light of the lower oil price environment.

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.

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."

An updated corporate presentation is now available for download on the Company website via the following link: http://www.fastnetoilandgas.com/investor-relations/presentations

For further information please contact:

 
 Fastnet Oil & Gas plc                 +353 (1) 644 0007 
 Carol Law, Chief Executive Officer 
 Cathal Friel, Non-Executive 
  Chairman 
 
                                       +44 (0) 20 7408 
 Shore Capital                          4090 
 Nomad 
 Bidhi Bhoma, Edward Mansfield 
 
 Corporate Broking 
 Jerry Keen 
 
 GMP Securities Europe LLP             +44 (20) 7467 2800 
 (Joint Broker) 
 Rob Collins, Emily Morris 
 
 Davy                                  +353 (1) 679 6363 
 (ESM Adviser & Joint Broker) 
 John Frain, Anthony Farrell 
 
                                       +44 (0) 20 3757 
 Camarco                                4980 
 Billy Clegg, Georgia Mann, Ellie 
  Reid

This information is provided by RNS

The company news service from the London Stock Exchange

END

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