Report offers good news on Fastnet's oil prospects in Irish waters
FASTNET Oil & Gas, the new exploration company backed by Cove Energy boss John Craven and Dublin private equity firm Raglan Capital, could be sitting on billions of barrels of oil if the results of a new report are confirmed.
An independent technical report of Fastnet's two offshore licences around Ireland, which has been seen by the Irish Independent, has backed the company's own estimates of nearly 15 billion barrels of oil at two sites off the south-east coast of the country.
The report does not definitively say the reserves are in place, but it supports conclusions drawn by Fastnet from its own research.
The report focuses on Fastnet's licence in the Mizen Basin and the potentially much bigger Molly Malone licence, which is close to the so called 'median' separating Irish and British interests in the Irish Sea.
The third-party report, which was compiled by SLR Consultants, supports the estimate that Mizen could hold as much as 2.4 billion barrels of oil, while Molly Malone could have up to 12.5 billion.
The company will now carry out an extensive review of two-dimensional surveys of the area, which were completed several years ago, and will then prepare a much more advanced three-dimensional seismic survey.