The London and Dublin-listed firm has been granted an 18-month licensing option on five part-blocks and a ‘farm-in’ agreement covering a further six part-blocks; both interests located in the northern waters of the Celtic Sea.
The latter option — also open to the company for 18 months — relates to Fastnet investing in an 82.35% share of the Shanagarry licensing option near the undeveloped Helvick oil and Old Head of Kinsale gas fields.
It will also require the reprocessing of 600km of 2D seismic studies and a 3D seismic survey, which should indicate the true size of the structure. The company also announced non-executive chairman Cathal Friel has been promoted to executive chairman and Paul Griffiths has been named managing director.
* Meanwhile, Tullow Oil issued its latest trading update, yesterday. The company said it remains on track to deliver net production of 80,000 to 84,000 barrels of oil equivalent per day this year; with its financials — for the year to date in line with expectations. As of the end of last month, Tullow’s net debt stood at around $900m.