Fastnet expandsin Celtic Sea role

Irish explorer Fastnet Oil & Gas has substantially enhanced its presence in the Celtic Sea via the awarding of two licensing options.

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.