The company told investors it has been awarded new acreage, namely the Ventry licensing option, which spans 996 square kilometres, contiguous with its Mizzen and East Mizzen options.
It now has 18 months, initially, to reprocess existing 2D seismic data and carry out geological studies.
At the same time Fastnet has been granted extensions for the East Mizzen and Shanagarry acreage, where it also now has 18 months to complete similar work commitments.
The company has also extended the timeline for its option with Petronas unit PSE Kinsale Energy over the Deep Kinsale project until the end of December 2015. It allows ongoing farm-out talks to continue.
Carol Law, Fastnet’s chief executive, said these new arrangements for the Celtic Sea portfolio reflect the successful and significant investment of the group’s time, expertise and resources.
She describes it as a portfolio of attractive and low risk projects, 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,” Law said.
“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.”