26th Mar 2015 09:28
LONDON (Alliance News) - Fastnet Oil & Gas PLC on Thursday said it has secured a new licensing option in the North Celtic Sea Basin and said it has extended two existing licence options.
The oil and gas company, which focuses on Morocco and the Celtic Sea, said it has been awarded the Ventry licensing option for the North Celtic Sea Basin. The licence covers 996 square kilometres over blocks 55/13 and parts of blocks 55/7, 55/8, 55/12, 55/17 and 55/19.
The company has also extending its licensing options for the East Mizzen, Shanagarry and Block 49/13 prospects for further 18 months and has extended its Deep Kinsale option until the end of this year in order to allow further talks with potential farm-in 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 Chief Executive Carol Law.
Shares in Fastnet were down 2.5% to 2.145 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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