Fastnet Oil confirms commitment to drilling

Irish explorer Fastnet may issue a stock market statement clarifying its strategy this week after the Wall Street Journal reported it was considering leaving the oil business.

Cathal Friel, the chairman of the oil and gas explorer which has plans to drill off Irish shores, said it was sticking with its strategy despite last week’s report that it had discussed exiting and putting its €20 million cash pile into medical technology or else ...