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Fastnet secures new Celtic Sea licence

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Carol Law

Carol Law

Carol Law

Irish exploration firm Fastnet Oil & Gas has been awarded a new licensing option in the north Celtic Sea, and has also had existing licences extended.

The Ventry Licensing Option in the north Celtic Sea is valid until the end of August next year. It covers an area of just under 1,000 sq km and extends westwards from a previously awarded Mizzen Licensing Option.

During the lifetime of the existing option, Fastnet will reprocess existing 2D seismic data and various geological studies. It has an option to extend the licence for an additional 18 months.

Chief executive Carol Law said that the Celtic Sea area has been attracting increasing industry attention.

"Modern seismic processing and geological techniques have allowed us to better understand the development of the petroleum systems in the area and build a portfolio of attractive low risk prospects," she said.

The company has extended its exclusive option agreement with Kinsale Energy, giving Fastnet time to continue farm-in talks with potential partners.

Irish Independent