Oil company set to farm out Celtic Sea assets

Fastnet Oil and Gas is in advanced negotiations with international oil and gas companies to farm out its assets in the Celtic Sea.

Oil company set to farm out Celtic Sea assets

In a statement to the stock exchange, the company said that it expects to have secured a partner by the end of the summer.

“Having opened a data room in March 2013, the company is now in advanced discussions with targeted international oil and gas companies. This process is expected to be completed during the summer of 2013 and the terms are expected to involve a contribution to past costs, including 3D seismic,” it said.

The company added it had began talks after completing the acquisition of 500sq km of 3D seismic data over Deep Kinsale ahead of schedule and under budget.

Fastnet expects that the seismic programme in the Celtic Sea will be completed before the end of June and at a cost of €13.7m.

The company also announced it had received several expressions of interest in a farm-out process in relation to its 18.75% interest in the Foum Assaka exploration licence in the Agadir Basin, Morocco.

Meanwhile, Conroy Gold and Natural Resources plc, the gold exploration and mine development company, announced that the mineralogical report on the flotation Bulk Concentrate and Rougher Tailing samples has been received and is positive.

Conroy Gold has discovered a 48km gold district in Ireland running across counties Armagh, Monaghan, and Cavan, and is planning to develop its first operational goldmine at Clontibret, Co Monaghan.

Conroy said the gold grade in the bulk concentrate was very high at 32.8g/t with 3g/t silver. The Rougher Tailing had a much lower gold grade of 0.25g/t and 1g/t of silver showing that most of the gold is being captured in the bulk concentrate.

Chairman Richard Conroy said: “I am very pleased to see the continued positive progress in the metallurgical testwork which is most encouraging as we move forward with the technical studies required for the planning and development of the company’s first operational gold mine.”

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