Fastnet Gets More Time to Decide on Celtic Sea Drilling
Fastnet Oil & Gas Plc has been notified by the Irish Department of Communications, Energy and Natural Resources that Licensing Option 12/3 (“Mizzen”) and Licensing Option 12/2 (“Molly Malone”) in the Celtic Sea have been extended for a further 18 months so that the further agreed work programme can be carried out.
The Licensing Options will be valid until 31 May 2015 at which point the Company may elect to apply to convert these options to Exploration Licences.
Paul Griffiths, Managing Director of Fastnet, said: “We are pleased to receive extensions on these two prospective licence areas to complete the agreed work programme, which is fully funded. The Company recently received the final 3D processing results for Mizzen and Deep Kinsale and have now started distributing the data to a number of international oil and gas companies who have expressed an interest in a potential farm-in”