Fastnet Oil and Gas joins ISE with market capitalisation of €22.8m

The ISE welcomes Fastnet Oil and Gas plc (“Fastnet”) to the Enterprise Securities Market (“ESM”), the ISE’s market for growth companies. Fastnet is an oil and gas exploration and appraisal company focussed on Offshore Ireland and Africa.

Fastnet raised gross proceeds of €12.4m on admission and commenced trading on the ESM, with a market capitalisation of €22.8m. The admission of Fastnet to the ISE brings the number of companies quoted on the ESM market to 23. 

Stephen Staley, speaking at the ISE said that the capital raised from this placing would allow Fastnet to pursue its strategy in relation to oil and gas exploration and appraisal. He added that “the euro quotation offered by the ISE enables Fastnet to attract euro-based private and institutional investors from Ireland and overseas. The euro quotation is particularly attractive to Irish investors, who have always had an interest in oil and gas exploration stocks.”

Deirdre Somers, said: “We are delighted to see Fastnet join the ISE’s ESM market. It is the first company to come to the Irish market in 2012 and the first exploration company for some time. By listing in Ireland, Fastnet is assured of a higher profile among Irish investors and a very strong support network from the Irish financial community.”

Davy is acting as ESM advisor to Fastnet.