Terra Energy Limited, a company created by Raglan Capital, completed a reverse takeover of the AIM listed shell Sterling Green Group plc in May 2012. The new enlarged company was renamed Fastnet Oil and Gas plc and was quoted on the AIM market of the London Stock Exchange and the Irish Stock Exchange.

Fastnet successfully developed a portfolio of high impact conventional oil and gas projects utilising the experience of the directors and advisory board. Having successfully raised c. $50m, Fastnet became one of the most active small cap oil and gas companies, bringing in Big Oil companies who entirely funded Fastnet’s offshore Moroccan well. Fastnet also discovered one of the larger onshore gas resources in Morocco, and did extensive work in the Celtic Sea basin.

In 2015 the Board of Directors, including its Chairman Cathal Friel decided to shift Fastnet from an oil and gas company to a life sciences company. This decision flowed from the worldwide decline in oil and gas prices (from c. $120 a barrel to c. $30 a barrel) and the associated adverse sentiment towards small cap oil and gas concerns at the time.

The Company immediately conserved its cash, reducing overhead by 95%, thus creating a substantial cash shell with c. £15m in cash. In April 2015 Amryt Pharma completed the reverse takeover of Fastnet Oil & Gas. Amryt Pharma plc became a leading global commercial-stage biopharmaceutical company focused on acquiring, developing and commercializing innovative treatments to help improve the lives of patients with rare and orphan diseases. It was sold to Chiesi Farmaceutici for $1.4bn in April 2023.