Fastnet awarded offshore licensing option in North Celtic Sea

Fastnet Oil and Gas Plc announced May 3 it was awarded a new licensing option by the Irish Department of Communications Energy and Natural Resources.

Fastnet Oil and Gas Plc announced May 3 it was awarded a new licensing option by the Irish Department of Communications Energy and Natural Resources. The option includes blocks in the Mizzen Basin, known as 13/3, and the western end of the North Celtic Sea Basin offshore Ireland.

The blocks included in the option are 56/6, 56/7, 56/8, 56/9, 56/11, 56/12, 56/13 and 56/14.

The East Mizzen Licensing Option is valid until September 30, 2014, and covers 445.95 square miles, the company said. Fastnet is the designated operator in the basin and holds a 100 percent working interest in the licensing option.

Included in the 18-month licensing option is the potential to extend the East Mizzen Licensing Option by 18 months.

The licensing option is in water depths of more than 426 feet in the basin and the southwest part of the North Celtic Sea Basin. The area of the option is favorably located in an area of development for Triassic reservoirs sealed by salt, Fastnet said. Structural leads have also been identified by the company based on 2-D seismic data.

Learn more about Irish oil markets in PennEnergy's research area.

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