Fastnet Oil claims ‘keen interest’ in its Celtic Sea assets

Dublin-based explorer Fastnet Oil & Gas has said that interest in its Celtic Sea assets has swelled since the second half of last year, with a number of sizeable international players considering a farm-in investment.

Fastnet, which had been in talks with smaller firms regarding its Irish operations last year, hopes to name a development partner for its Celtic Sea portfolio before the halfway point of 2014.

This year will also see drilling begin on the offshore Morocco licence in which the company owns a 12.5% stake and drilling start on its 100%-owned onshore Morocco interests which, if successful, could see the Irish firm become the largest gas producer in the north African country.

Fastnet’s ultimate goal is to sell each of its interests, upon proof of commerciality, and return the proceeds to shareholders. If all goes to plan the firm could successfully sell out of Morocco next year before focusing on the development and eventual sale of its Irish portfolio.

Elsewhere, shares in Irish mineral firm Ormonde Mining jumped by 7.6% on news that it has moved a big step closer to gaining an environmental mining permit for its highly-rated Barruecopardo tungsten project in western Spain.

The firm announced that it had received written notification from the Regional Environmental Department in Castilla y Leon saying its project near Salamanca will not negatively impact local wildlife or fauna.

The positive report is a necessary step to the granting of an Environmental Impact Declaration, the most important document in the environmental permitting of a project before a full mining concession is granted.

“This is a significant step forward for the project and one which now paves the way for the granting of the all-important Environmental Impact Declaration,” Kerr Anderson, Ormonde’s managing director, said.