Fastnet gains extensions for licenses offshore Ireland

Offshore staff

DUBLIN, Ireland – The Irish Department of Communications, Energy and Natural Resources has awarded Fastnet Oil & Gas a new licensing option in the North Celtic Sea basin off southern Ireland.

Fastnet’s Ventry licensing option LO15/1 covers blocks 55/13 and part blocks 55/7, 55/8, 55/12, 55/17, 55/18, and 55/19, and is valid though the end of August 2016.

The 996-sq km (384-sq mi) area is contiguous with and extending westward from the company’s Mizzen LO12/3 and East Mizzen LO 13/3.

Obligations include reprocessing of existing 2D seismic and various geological studies. On completion, Fastnet may request a further 18-month extension of the license.

The company says the Ventry concession provides extension acreage with significant running room for multiple play types that have been clearly imaged on its Mizzen 3D seismic, acquired in 2013.

Separately the department has extended the company’s East Mizzen LO to end-April 2016; its Shanagarry LO until end-November 2015; and its block 49/13 LO 12/6 until Nov. 14, 2015.

In each case Fastnet must reprocess seismic and conduct geological studies.

Finally, the company has agreed to extend its exclusive option agreement with Kinsale Energy for the Deep Kinsale prospect area off southern Ireland until the end of this year, giving more time for farm-in discussions with potential partners.

The area extends from 4,000 ft (1,219 m) subsea below the producing offshore Kinsale Head gas field and is defined as the Deep Kinsale sub-area of Petroleum Lease No. 1.

Recently Kinsale Energy farmed into Lansdowne Oil & Gas’ nearby license SEL 4/07.

03/26/2015

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