Bidders weigh up Fastnet farm-out
INTERNATIONAL oil majors are among the firms now conducting due diligence with a view to buying Irish exploration firm Fastnet's assets in the Celtic Sea, between Wexford and the British coast.
Potential bidders have been given access to a "data room" of detailed information about the assets as Fastnet seeks to help cover the cost of a massive offshore survey.
Fastnet announced earlier this month that it had signed a contract for an $18m (€14m) programme that will see it secure 3D seismic data for a 1,710 sq km area in the Celtic Sea.
That programme is due to begin next month and last for about 50 days. The 3D surveys are the largest to be undertaken in the Celtic Sea.
Among the areas being targeted is a location beneath the better known Kinsale Head gas field. The bulk of the survey is focused on Fastnet's 'Mizzen' and adjoining areas.
The company confirmed last week that it had commenced the farm-out process as it seeks a partner to cover part of the survey costs and had been "encouraged" by the level of interest already shown.
Any firm that forms part of the farm-out will be expected to pay an "appropriate proportion" of the costs of the seismic survey, said Fastnet last week.