CGG to press ahead with southern Ireland offshore geophysics survey

Fastnet (AIM:FAST) has contracted CGG’s SR/V Vantage to acquire 1,710 sq km (1,062 sq mi) of 3D seismic in the Celtic Sea offshore southern Ireland, starting in mid-April.

Offshore staff

DUBLIN, Ireland – Fastnet (AIM:FAST) has contracted CGG’s SR/V Vantage to acquire 1,710 sq km (1,062 sq mi) of 3D seismic in the Celtic Sea offshore southern Ireland, starting in mid-April.

This will be the first large-scale 3D seismic program in the region, Fastnet claims. The duration could be up to 50 days, depending on weather and standby time. Total value could reach $18 million.

CGG will first acquire 510 sq km (317 sq mi) of 3D seismic over theDeep Kinsale prospect, which is beneath the producing Kinsale Head gas field. The geological target will be the same reservoir section that has been successfully tested at Barryroe by Providence’s 48/24-10z appraisal well. 

Operations will include an undershoot of the Kinsale Alpha and Bravo platforms, both protected by a 500-m (1,640-ft) safety exclusion zone. This will necessitate mobilization of a second 3D seismic vessel for a short period.

Next, CGG will acquire 1,200 sq km (745 sq mi) of 3D seismic over licensing option 12/3 (Mizzen) and adjoining areas. Several large structures have been identified on existing 2D seismic thought to be prospective for Triassic, Jurassic, and Lower Cretaceous reservoir targets.

Up to two more surveys could follow over other acreage subject to interest from potential farminees. Fastnet has initiated approaches to various companies.

Only one well has been drilled to date in this part of the Celtic Sea basin, by Esso in 1975. That well had oil shows.

3/21/2013

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