6th Feb 2014 12:43
LONDON (Alliance News) - Fastnet Oil & Gas PLC Thursday said that Irish authorities have extended two of its licences for a further 18 months so that a work programme can be carried out.
The exploration and development oil and gas company, with operations offshore Ireland and Morocco, said the Irish Department of communications, Energy and Natural Resources extended the licencing options 12/3 and 12/2.
Fastnet said the licencing options will now be valid until May 31 2015 at which point the company may elect to apply to convert these options to exploration licences.
"We are pleased to receive extensions on these two prospective licence areas to complete the agreed work programme, which is fully funded," the company's Managing Director said in a statement.
The company also noted that it has received the final 3D processing results for its Mizzen and Deep Kinsale tests offshore Ireland, and have now started distributing data to a number of oil and gas companies who have expressed an interest in a potential farm-in to the sites development.
Fastnet shares were up 0.7% to 12.34 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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