Fastnet hopeful of Celtic Sea licences

Fastnet Oil & Gas, the Dublin-headquartered exploration company, is hopeful of receiving approval for two new Celtic Sea licences before the end of the year.

The ESM and AIM-listed company — which is led by former Cove Energy and Island Oil & Gas executives — has spent the last few months building up a portfolio of exploration prospects off the coasts of Ireland and Morocco, the latter via a recent takeover of North African-based Pathfinder Hydrocarbon.

With regard to Ireland, Fastnet is looking to develop four or five big prospects from a portfolio of four licences off the south coast.