Fastnet allows offshore Ireland license options to lapse

Offshore staff

DUBLIN, Ireland – Fastnet Oil & Gas says its Molly Malone and Mizzen licensing options in the Celtic Sea off southern Ireland have expired, after it did not commit to various additional obligations, including drilling.

Instead, the company has submitted applications for new licensing options over portions of the original areas, based on technical evaluation since the options were awarded.

Ireland’s Minister of State at the Department of Communications, Energy and Natural Resources will consider applications for these areas over the next few months.

Fastnet says it has mapped numerous prospects and leads across its Celtic Sea acreage over the past six months based on newly acquired and reprocessed seismic data.

6/1/2015

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