Fastnet asset could rival Barryroe

Fastnet Oil & Gas has released findings of an independent survey of the Shanagarry licence, off the Cork coast, which indicates the asset has the potential to rival Providence Resources’ nearby Barryroe field.

The Dublin-based exploration company is set to begin drilling in Irish waters in the first half of next year and is in the market for a drillship to enable work to begin in the late spring/early summer of 2014.

The technical study, carried out by SLR Consulting, suggests an oil-in-place total of nearly 1.3bn barrels of oil at Shanagarry, and just over 1.34 trillion cubic feet (tcf) of gas.