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Fastnet wins licensing options in Celtic Sea

13 June 2012

Fastnet has been granted licensing options in blocks located in the North Celtic Sea and South Celtic Sea, offshore of Ireland.

"The Petroleum Affairs Division of the Irish Department of Communications, Energy and Natural Resources awarded the licensing options."

The Petroleum Affairs Division of the Irish Department of Communications, Energy and Natural Resources awarded the licensing options, which are located over block 50/26 and parts of blocks 49/25, 49/30, 50/21 and 50/22 in the Molly Malone basin, in water depths of up to 100m.

The company also secured options for blocks 55/14 and 55/15 and part of blocks 55/9 and 55/10 in the Mizzen basin, located in water depths of up to 160m.

Fastnet CEO Steve Staley commented: "To have been granted these two licence options so soon in the company's development is testament to the team we have in place and the future potential of the business.

"I look forward to bringing shareholders further news on the Molly Malone and Mizzen licence areas as and when appropriate," Stanley added.

The company will invest €1m towards development activities on the blocks, which are estimated to contain in-place resources of one billion barrels of oil equivalent.