Fastnet Enters Farm-In Deal for Acreage Off Ireland

Fastnet Enters Farm-In Deal for Acreage Off Ireland

Fastnet, an exploration and production company focused on near term exploration acreage in the Celtic Sea,  has executed an exclusive option agreement with Kinsale Energy, a wholly owned subsidiary of Malaysia’s PETRONAS, to farm into the “Deep Kinsale Prospect” from 4,000 feet subsea below the producing Kinsale Head gas field, offshore Ireland.

Under the agreement Fastnet will acquire a minimum of 500 sq. km. of 3D seismic by 31 December 2013 and to complete geological and engineering studies

Furthermore, Fastnet will have an exclusive option to farm in, exercisable before 30 September 2014, by commencing a well (“Farm-in Well”) on or before 30 November 2015 to test the Purbecko-Wealden reservoirs, productive in Barryroe.

Cathal Friel, Chairman of Fastnet said:

“We are delighted to have added an exclusive option to farm into and potentially drill the Deep Kinsale Prospect in 2014. It represents an attractive addition to our Irish portfolio as we have long held a belief that Deep Kinsale offers the potential to yield up another significant hydrocarbon discovery offshore Ireland. This belief has been further strengthened by the successful appraisal of Barryroe in 2012, which is geologically analogous to Deep Kinsale. We greatly look forward to working in close cooperation with our colleagues at Kinsale Energy, as we collectively seek to de-risk the prospect for drilling.”

February 21, 2013