Fastnet awarded new licensing option in North Celtic Basin

Irish and UK-listed exploration firm Fastnet has been awarded a new licensing option in the North Celtic Sea Basin.

The Ventry Licensing Option, which borders the Mizzen Licensing Option, includes 100 per cent working interest and covers 996 sq km. It lasts for 18 months, with the opportunity to extend.

The company also announced it had extended its East Mizzen, Shanagarry and Block 49/13 options for 18 months each. The option agreement with Kinsale Energy on the Deep Kinsale Option has been extended until the end of the year, giving Fastnet the chance to continue discussions with potential partners.

"This announcement marks the successful conclusion of a significant investment of company time, expertise and resources in securing our attractive Celtic Sea acreage position, a highly prospective area that is increasingly becoming the focus of industry interest," said Fastnet chief executive Carol Law.

“We are delighted to add the Ventry Licensing Option to our portfolio, and believe it offers significant extension acreage with potential material upside on the west side of the large Mizzen structural prospect.”