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.

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.