Fastnet Secures New License Offshore Ireland

Fastnet Oil & Gas of Ireland has announced it's been awarded licences for eight blocks in the Mizzen Basin and North Celtic Sea Basin.

In a statement, the company said the newly-named East Mizzen Licensing Option, granted by the Irish Department of Communications and Energy, is valid from May 1 2013 until September 30 2014. It covers an area of 1,155 sq km, and extends from the previously awarded Mizzen Licensing Option 12/3, announced last June.

Fastnet is the designated operator and has a 100% working interest in the East Mizzen Licensing Option. Managing director Paul Griffiths said the newly-licensed area was "particularly under-explored, yet highly prospective".

The area had previously lacked "industry focus", he commented. "Fastnet is one of the largest acreage holders in this area contributing to creating the conditions necessary to develop competition for acreage in an area that previously lacked industry focus."