Fastnet survey may cost €15m

Irish exploration company Fastnet Oil & Gas has selected French geophysical company CGG to carry out its much-anticipated seismic surveying activity in the Celtic Sea in the coming months; a deal which could cost up to €15m.

While the companies have not indicated a value, industry sources suggest the deal is likely to cost the Dublin-headquartered firm between €10m and €15m.

Fastnet significantly enhanced its presence off the south coast through the winning of two licensing options towards the end of last year.