LONDON – Fastnet Oil & Gas has been awarded more than 82% of a new licensing option (12/5) in the North Celtic Sea offshore southern Ireland. Other partners are Adriatic Oil, CRB, and PCX.
The award by the Irish Department of Communications, Energy, and Natural Resources covers 881 sq km (340 sq mi), and takes in part-blocks 49/18, 49/19, 49/20, 49/23, 49/24, and 49/25. Terms start on Dec. 1 and expire on May 31, 2014.
The partners plan to acquire a minimum of 200 sq km (77 sq mi) of 3D seismic during this period. Thereafter, the option can be converted to a standard exploration license, with a commitment to drill one well.
Other elements of the work program include reprocessing of 600 km (373 mi) of 2D seismic data; analysis of data for drillstem tests performed in the Basal Wealden and Purbeck reservoir sequences; and a regional analysis of the working petroleum systems encountered in the 49/19-1 exploration well.