Fastnet, the early stage independent oil and gas exploration company, said it is looking at a well drilling programme for offshore Ireland, in its first set of annual results as a public company.

Fastnet joined the junior market of the Irish Stock Exchange in June 2012, and in the year to March 31st 2013, the company, which is still in the pre-revenue stage, reported a loss of £1.4 million (€1.6m).

Fastnet now has over 25,000 km2 under licence in two emerging industry “hot spots” in Morocco and Ireland. The group expects to participate in wells both onshore and offshore Morocco in 2014 .

Having opened a data room in March 2013 for its Irish sites, Fastnet is now in advanced discussions with several targeted international oil and gas companies. The farm-out terms are anticipated to involve a significant contribution to past costs, including 3D seismic and a contribution to a drilling programme anticipated in 2015.

According to Fastenet managing director Paul Griffiths, Fastnet will continue to execute its strategy for early monetisation of its assets by accelerating drilling activity through farm-out transactions. Over the next 12 months it is focused on executing its drilling plans for onshore and offshore Morocco in 2014 and working towards a multi well drilling programme offshore Ireland for 2015.

“Success in any or all of these wells is likely to boost the potential value of our acreage position,” he said.

The company has some £20.7 million in cash reserves.