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March 26, 2015

Fastnet Oil & Gas expands Celtic Sea portfolio with new licence option

Fastnet Oil & Gas has expanded its footprint in the Celtic Sea, offshore Ireland, with a new licensing option, and extensions to several others.

Fastnet Oil & Gas has expanded its footprint in the Celtic Sea, offshore Ireland, with a new licensing option, and extensions to several others.

The company has been awarded the Ventry licensing option for the North Celtic Sea Basin.

The licence covers 996km² over blocks 55/13, and parts of blocks 55/7, 55/8, 55/12, 55/17 and 55/19.

"The extensions on our three existing prospective licence areas allow us to carry out the agreed work programmes currently underway, which are economical and fully funded."

Fastnet has a 100% working interest in the Ventry licensing option, which covers a period of 18 months and requires the reprocessing of existing 2D seismic data, and several geological studies.

After completion of the work programme, the company can extend the licensing option by an additonal 18 months.

Fastnet has also secured extensions to its licensing options for the East Mizzen, Shanagarry and Block 49/13 prospects for a further 18 months.

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The company has also extended its Deep Kinsale option until the end of 2015, in order to allow further talks with potential farm-in partners.

Fastnet Oil & Gas CEO Carol Law said: "The extensions on our three existing prospective licence areas allow us to carry out the agreed work programmes currently underway, which are economical and fully funded.

"The extension of the deadline to exercise the Deep Kinsale Option allows us to continue our farm-out discussions, and is enhanced by the recent farm-in by Kinsale Energy to Lansdowne’s nearby SEL4/07."

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