TIDMFAST
RNS Number : 4944I
Fastnet Oil & Gas PLC
26 March 2015
26 March 2015
Fastnet Oil & Gas plc
("Fastnet" or the "Company")
Celtic Sea Portfolio
- New Licensing Option Awarded, Existing Licensing Options and
Deep Kinsale Option Extended
Fastnet (AIM: FAST, ESM: FOI), the UK and Irish listed E&P
company focused on near-term exploration and appraisal acreage in
Morocco and the Celtic Sea, is pleased to announce an update on its
Celtic Sea portfolio.
Highlights:
-- Award of new operated licensing option named the Ventry
Licensing Option ("Ventry") in the North Celtic Sea Basin.
o 100% working interest in the Ventry Licensing Option covering
996 km(2) over blocks 55/13 and part of blocks 55/7, 55/8, 55/12,
55/17, 55/18 and 55/19.
o Contiguous with and extending westwards from the previously
awarded Mizzen Licensing Option 12/3 and East Mizzen Licensing
Option 13/3.
o 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.
o Work commitments include the reprocessing of existing seismic
data and various geological studies.
-- Extension of the Deep Kinsale Option with PSE Kinsale Energy
Limited ("Kinsale Energy"), until 31(st) December 2015 which allows
the Company to continue farm-in discussions with potential
partners.
Carol Law, CEO of Fastnet, commented:
"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. Modern seismic processing and geological
techniques have allowed us to better understand the development of
the petroleum systems in the area and build a portfolio of
attractive low risk prospects and leads with excellent project
economics even in the current oil pricing environment.
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. We believe the western side of this large
uplift will contain similar prospective stratigraphic features to
those mapped on our 2013 3D seismic on the eastern flank of the
Mizzen high and, in the event of exploration success in Mizzen and
East Mizzen, we will be well positioned with running room on the
plays.
"The extensions on our three existing prospective licence areas
allows us to carry out the agreed work programmes, currently
underway, which are economical and fully funded. The extension of
the deadline to exercise the Deep Kinsale Option allows us to
continue our farm-out discussions and is enhanced by the recent
farm-in by Kinsale Energy to Lansdowne's nearby SEL 4/07.
"While we continue to evaluate opportunities for M&A in the
current market environment, the Celtic Sea is very important to
Fastnet and we see the potential to deliver significant shareholder
value through developing this portfolio and attracting partners to
pursue exploration activities."
Award of New Licensing Option
The Company has been notified by the Irish Department of
Communications, Energy and Natural Resources (the "Department")
that it has been awarded licensing option 15/1 covering blocks
55/13 and part blocks 55/7, 55/8, 55/12, 55/17, 55/18 and 55/19 in
the North Celtic Sea Basin.
The newly named Ventry Licensing Option is valid from 1 March
2015 to 31(st) August 2016. It covers an area of 996 km(2) , and is
contiguous with and extending westwards from the Company's
previously awarded Mizzen Licensing Option 12/3 and East Mizzen
Licensing Option 13/3. Fastnet is the designated operator and has a
100% working interest in the Ventry Licensing Option. The licensing
option covers a period of 18 months and requires the reprocessing
of existing 2D seismic data and various geological studies. Upon
completing the work programme, the Company has the opportunity to
extend the licensing option by a further 18 months. The Ventry
Licensing Option provides extension acreage with significant
running room for multiple play types which have been clearly imaged
on Fastnet's Mizzen 3D seismic data, which was acquired in
2013.
Extension of Existing Licensing Options
The Company has separately been notified by the Department that
existing Licensing Options have been extended as follows:
-- Licensing Option East Mizzen, extended for a further 18
months from 1(st) November 2014 to 30(th) April 2016.
-- Licensing Option Shanagarry extended for a further 18 months
from 1(st) June 2014 to 30(th) November 2015.
-- Licensing Option 12/6 ("Block 49/13") extended 15(th) May 2014 until 14(th) November 2015.
In each of the Licensing Option work programmes associated with
the three Licensing Options, the Company is required to reprocess
existing seismic data and carry out various geological studies. The
Company may elect to apply to convert these options to Exploration
Licences following these extension periods.
Extension of Deep Kinsale Option
The Company is pleased to announce that it has agreed to extend
its Exclusive Option agreement with Kinsale Energy until 31(st)
December 2015. This extended period will allow the Company to
continue farm-in discussions with potential partners. There are no
changes to the exclusive option agreement from those previously
announced on 14(th) August 2014.
The "Deep Kinsale Prospect" area extends from 4,000 feet subsea
below the producing Kinsale Head gas field and is defined as the
"Deep Kinsale Sub-Area" of Petroleum Lease No. 1 (see map of the
area on the Company's website:
www.fastnetoilandgas.com/go/operations/ireland).
An updated corporate presentation is now available for download
on the Company website via the following link:
http://www.fastnetoilandgas.com/investor-relations/presentations
For further information please contact:
+353 (1) 644
Fastnet Oil & Gas plc 0007
Carol Law, Chief Executive
Officer
Cathal Friel, Non-Executive
Chairman
+44 (0) 20
Shore Capital 7408 4090
Nomad
Bidhi Bhoma, Edward Mansfield
Corporate Broking
Jerry Keen
+353 (1) 679
Davy 6363
(ESM Adviser & Joint
Broker)
John Frain, Anthony Farrell
+44 (0) 20
Camarco 3757 4980
Billy Clegg, Georgia
Mann, Ellie Reid
This information is provided by RNS
The company news service from the London Stock Exchange
END
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