The 18-month East Mizzen licensing option will see the company reprocess a minimum of 400km of existing 2D seismic survey data and carry out fresh 3D seismic surveying before the end of May.
It marks Fastnet’s fifth licence award in the Celtic Sea in the last year and gives the company one of the largest acreage portfolios in the area.
The new option is located in the Mizzen Basin and the western end of the North Celtic Basin, and Fastnet will have the chance to renew its option for a further 18 months.
East Mizzen is thought to have high prospects, housing a number of potential targets, including what some analysts have referred to as possible “Barryroe lookalike” plays; referring to Providence Resources’ high-profile find in nearby waters last year.
Fastnet is due to begin drilling at its Moroccan-based assets later this year and will make its maiden Irish/Celtic Sea drill du-ring the first half of next year.
The company recently said that its Shanagarry licence, situated off the Cork coast, has the potential to rival the huge Barryroe field.
It is also looking to sign up a farm-in partner shortly, to cover the costs of its massive 3D seismic survey of the Celtic Sea.
Fastnet managing director Paul Griffiths said yesterday that the latest Mizzen licence award allows the company to “capitalise on the interest being shown by the industry in our farm-out process in this particularly under-explored, yet highly prospective, basin”.