Mizzen seismic re-processing contract awarded

24 October 2012

Fastnet Oil & Gas plc

Mizzen Basin seismic re-processing contract awarded

Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI), the recently listed E&P company focussed on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce that its wholly-owned subsidiary, Fastnet Oil and Gas Ireland Ltd, has signed an agreement with WesternGeco Seismic Holdings Ltd ("WesternGeco"), the world's leading geophysical services company, (part of Schlumberger) to provide specialist reprocessing of key prospect-defining 2D seismic data across the Company's Mizzen Basin licence option area, in the North Celtic Sea, as well as amplitude versus offset and rock physics work. It is expected that this work will be completed early in 2013.

Cathal Friel, Chairman of Fastnet, commented:

"I am very pleased we have been able to contract WesternGeco to undertake this 2D seismic reprocessing programme, they are one of the most respected companies in the space and through their work we hope to continue de-risking the licence area in order to mature it toward exploratory drilling. I look forward to announcing the results of this work as soon as is practicable." 

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