Friday 18 April 2014

Fastnet Oil is to seek €20m

CATHAL Friel's Fastnet Oil is set to spend over €20m on the biggest seismic study ever commissioned in the Celtic Sea as the search for oil and gas off Ireland's shores ramps up.

The €75m-valued listed exploration company is set to hold discussions with a number of major oil groups about sharing the costs of the huge 3D study.

Fastnet was recently awarded two blocks in the Celtic Sea which were drilled in the Eighties and were abandoned. However, improvements in technology and rising oil costs make previously uneconomic finds more viable.

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