Fastnet is pleased to announce an update on its Celtic Sea portfolio.
•Award of new operated licensing option named the Ventry Licensing Option in the North Celtic Sea Basin.
◦100% working interest in the Ventry Licensing Option covering 996 km2 over blocks 55/13 and part of blocks 55/7, 55/8, 55/12, 55/17, 55/18 and 55/19.
◦Contiguous with and extending westwards from the previously awarded Mizzen Licensing Option 12/3 and East Mizzen Licensing Option 13/3.
◦18-month licensing option with the opportunity to extend, which requires the reprocessing of existing 2D seismic data and various geologic studies.
•Extension of existing licensing options: 13/3 ('East Mizzen'), 12/5 ('Shanagarry') and 12/6 ('Block 49/13') for a period of 18 months each.
◦Work commitments include the reprocessing of existing seismic data and various geological studies.