6 Feb 2014 07:00
6 February 2014
Fastnet Oil & Gas Plc
Mizzen and Molly Malone Licensing Options extended
Fastnet Oil & Gas Plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the E&P company focused on near term exploration acreage in Africa and the Celtic Sea is pleased to announce that it has been notified by the Irish Department of Communications, Energy and Natural Resources (the "Department") that Licensing Option 12/3 ("Mizzen") and Licensing Option 12/2 ("Molly Malone") in the Celtic Sea have been extended for a further 18 months so that the further agreed work programme can be carried out.
The Licensing Options will be valid until 31 May 2015 at which point the Company may elect to apply to convert these options to Exploration Licences.
Paul Griffiths, Managing Director of Fastnet, commented:
"We are pleased to receive extensions on these two prospective licence areas to complete the agreed work programme, which is fully funded.
The Company recently received the final 3D processing results for Mizzen and Deep Kinsale and have now started distributing the data to a number of international oil and gas companies who have expressed an interest in a potential farm-in"
For further information, please contact:
Fastnet Oil & Gas plc Cathal Friel, Chairman Paul Griffiths, Managing Director | +353 (1) 644 0007 |
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Shore Capital Nomad Bidhi Bhoma, Edward Mansfield Corporate Broking Jerry Keen |
+44 (0) 20 7408 4090 |
GMP Securities Europe LLP (Joint Broker) Rob Collins |
+44 (20) 20 7467 2800 |
Davy (ESM Adviser & Joint Broker) John Frain, Anthony Farrell |
+353 (1) 679 6363 |
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Bell Pottinger Philip Dennis, Rollo Crichton-Stuart, James Lea |
+44 (0) 207 861 3232 |
Notes to editors
Fastnet Oil & Gas plc is an independent oil and gas exploration company that focuses on identifying early stage exploration and appraisal opportunities in Offshore Ireland and Africa. It is quoted on the AIM market of the London Stock Exchange and the Enterprise Securities Market ("ESM") of the Irish Stock Exchange. Fastnet's aim is to assemble a portfolio of high impact conventional oil and gas assets that will deliver sustainable growth and value for the Company. Its immediate focus is on implementing its Offshore Ireland and Africa strategies where it has been awarded four offshore licensing options in the Celtic Sea (Molly Malone Basin, Shanagarry, 49/13 and Mizzen Basin) and acquired a material interest in the highly prospective Foum Assaka permit Offshore Morocco. In addition, Fastnet will continue to pursue new conventional oil and gas opportunities in Africa where the Directors and Advisory Board also have extensive knowledge, contacts and experience of creating value.