Fastnet gets more time for Celtic Sea studies

Fastnet Oil & Gas has won 18-month extensions to two licensing options in Celtic Sea off southern Ireland.

Feb 6th, 2014

Offshore staff

DUBLIN, Ireland -- Fastnet Oil & Gas (AIM: FAST, ESM: FOI) has won 18-month extensions to two licensing options in Celtic Sea off southern Ireland.

The Irish Department of Communications, Energy and Natural Resources granted the extensions for Licensing Option 12/3 (Mizzen) and Licensing Option 12/2 (Molly Malone) until May 31, 2015, giving Fastnet more time to complete its work program.

On expiry, the company may elect to apply to convert both options to exploration licenses.

Recently, Fastnet recently received final processed3D data for the offshore Mizzen and Deep Kinsale prospects, and is making the data available to parties interested in a farm-in.

2/6/14

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