Positive last RNS 2 Apr 2015 10:25
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."
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