27th Jan 2015 13:09
LONDON (Alliance News) - Fastnet Oil & Gas PLC Tuesday said Chief Financial Officer Will Holland's employment has been terminated after an internal review.
The company said it is making management changes to cut costs as a result of lower global crude oil prices.
Chief Executive Carol Law said the company, which focuses on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, is determined to reduce costs going forward.
"Difficult decisions have to be taken in the current climate," Law said in a statement. "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."
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.
Fastnet shares were down 2.3% at 2.10 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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