(MENAFN- ProactiveInvestors)Fastnet Equity (LON:FAST) has drawn a line under its oil and gas business as it looks for healthcare businesses to acquire. The company announced the change of direction last month after it struggled to find partners for its hydrocarbon assets in the Celtic Sea and Morocco. Fastnet has now withdrawn from its involvement in the Foum Assaka Licence Offshore Morocco and is considering the options for the Irish assets which may include spinning them off in to a stand-alone entity. Cash at the end of July was US$15.9mln while admin costs were down to US$1.9mln per year though the target is to get this down to under US$600000. Cathal Friel chairman said: 'The board believes that the healthcare industry particularly the biopharma sector is experiencing strong momentum and there exist significant M&A and value creation opportunities for both small cap and large cap companies. 'Furthermore the board believes that it has access to an international pipeline of such opportunities that could lead to value creation for Fastnet's shareholders.' Latest figures for the year to March showed an annual loss of US$39.7mln the bulk of which was accounted for by impairments of US$36.6mln for its oil and gas assets.
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