,




Bought some more of these yesterday... could be a good runner this one...below is a flavour of what it's all about..well rec'd by the market! (dyor, imho)


RNS Number : 4221I

Fastnet Oil & Gas PLC

25 July 2012

25 July 2012

Fastnet Oil & Gas plc

Publication of Independent Technical Report

Fastnet Oil and Gas plc ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the newly listed E&P company focussed on near term exploration acreage in the Celtic Sea and Africa, is pleased to announce the publication of independent technical reports by SLR Consulting (the "Technical Reports") on the Molly Malone Basin and Mizzen Basin.

Highlights
-- Total best case unrisked in-place resource estimates for:
o The Mizzen Basin is approximately 2.4 billion boe (oil case) or 957 MMboe (gas case)

o The Molly Malone Basin is approximately 12.5 billion bbl (oil case) or 3.6 billion boe (gas case)
-- Technical Reports corroborate the Company's estimates stated on Admission
-- The reserves potential outlined in the Technical Reports fits with the Company's strategy of targeting high impact licences that are likely to be attractive to oil industry majors

-- Outline of a seismic re-processing programme in order to de-risk and mature prospects within the licence areas

-- Confirms the significant opportunity presented by the currently under explored Molly and Mizzen Basins

-- On completion of the work programmes, in line with the Board's strategy, both the Molly and Mizzen Basins could present a high impact opportunity to potential major industry players

Table of independent technical estimates

Mizzen Basin
--------------------- ---------------------------- ----- -----------------
Trap Unrisked in-place GPoS Main risk
resource estimates
--------------------- ---------------------------- ----- -----------------
Low Best High
--------------------- -------- -------- -------- ----- -----------------
Wealden Oil (MMbbl) 571.2 1,799.3 3,898.5 4% Source
--------------------- -------- -------- -------- ----- -----------------
Wealden Gas (BCF) 658.6 2,074.7 4,723.6 12% Seal
--------------------- -------- -------- -------- ----- -----------------
Triassic Gas (BCF) 1,473.7 3,108.2 9,355.9 5% Seal & migration
--------------------- -------- -------- -------- ----- -----------------


Molly Malone Basin
-------------------- -------------------- ----- ----------
Trap Unrisked in-place GPoS Main risk
resource estimates
- Best estimate
-------------------- -------------------- ----- ----------
North prospect Gas
(BCF) 10,448.4 12% Maturity
-------------------- -------------------- ----- ----------
South Prospect Gas
(BCF) 9,127.9 8% Maturity
-------------------- -------------------- ----- ----------
North Prospect Oil
(MMbbl) 6,677.3 9% Migration
-------------------- -------------------- ----- ----------
South Prospect Oil
(MMbbl) 5,833.4 5% Migration
-------------------- -------------------- ----- ----------

*The seismic quality and wide spacing precludes production of High and Low estimates for Molly Malone (Source: SLR).

Key: GPoS = geological probability of success; BCF = billion cubic feet of gas, MMbbl = million barrels of oil. 1,000ft(3) of gas is equivalent to 0.1847 barrels of oil (source: Wood MacKenzie).

The Technical Reports validate the Company's strategy set out at the time of IPO in June 2012 of the resource potential in its Molly and Mizzen licencing options. The resource estimates are large, however the geological probability of success figures are at a level which requires the Company to undertake a significant work program to mature the prospects in order to de-risk and identify drill ready targets.

Celtic Sea licence area work programme

Molly Malone Basin

The basin is located within the Celtic Sea Basin in water depths of up to 100 metres. The licensing option covers block 50/26 and part blocks 49/25, 49/30, 50/21 and 50/22 in the North Celtic Sea basin.

The Company plans to undertake seismic reprocessing of the 180 kilometres of existing 2D seismic data, subject to locating, accessing and copying the original seismic field tapes. It should be noted that the 1984 survey is fairly widely spaced and even with good results, this reprocessing can only help to define possible plays and assist in the design of a 3D seismic survey that would add valuable information prior to drilling.

Thick salt has developed over parts of the Molly Malone Basin which obscures the mapping of the prospective Triassic Sherwood Sands over the north-eastern part of the dominant structural lead mapped within the Molly Malone Basin. Pre-stack depth migration will assist in defining fault plane and Sherwood Sand reservoir geometry beneath the salt.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section beneath the Triassic salt in the Molly Malone Basin, through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies in order to design the appropriate acquisition parameters for any potential 3D seismic survey. Additionally, further analysis of the existing seismic data is needed to examine the potential for north-eastern closure for the dominant prospective lead in the Molly Malone Basin before a significant financial commitment to a 3D seismic survey can be made.

Mizzen Basin

This basin is located within the Celtic Sea Basin in water depths of up to 160 metres. The licensing option covers blocks 55/14 and 55/15 and part blocks 55/9 and 55/10 in the South Celtic Sea basin.

Fastnet intends to reprocess a minimum of 550 kilometres of existing 2D seismic data, subject to locating, accessing and copying seismic field tapes.

Sub-Chalk interbed multiple content is a particular issue in parts of the Mizzen Basin which obscures the presence of unconformities; reduces the level of confidence with respect to picking stratigraphic markers due to an inability to identify velocity breaks; hampers correlation across faults; and prevents detailed stratigraphic analysis of potential seismic sequence geometries and reconnaissance amplitude mapping. Pre-stack depth migration could potentially assist defining the complex fault plane traces seen on existing seismic data; better identify potential discordant igneous intrusions; and better resolve subcrop relationships and significant unconformities where steeply dipping seismic events terminate at specific levels within the stratigraphic sequences.

The Board is of the view that it is essential to improve the understanding of the nature of the stratigraphic section in the Mizzen Basin through the application of modern seismic reprocessing techniques and carrying out a programme of regional studies, in order to design the appropriate acquisition parameters for any potential future 3D seismic survey to be acquired.

Design of 3D Seismic Survey

Subject to satisfactory results from the 2D seismic processing, a 3D seismic survey will be designed and appropriate acquisition parameters put in place to reflect the depth and nature of the primary prospective horizons present in the Molly Malone Basin and Mizzen Basin.

Working Capital

The funding requirement for Fastnet arising during the initial 18 month licence options in respect of proposed work programmes for the Molly Malone and Mizzen Basin is expected to be approximately GBP0.5 million.

Dr.Steve Staley, CEO of Fastnet commented:

"I am very pleased to announce the publication of these independent technical reports on our Celtic Sea licences. The findings confirm our own initial estimates of the potential resource estimates that we published in our IPO prospectus in June 2012. They concur with our strategy of targeting and acquiring large scale, high impact acreage, in areas well known to our technical team which are of likely interest to other industry partners.

"The Barryroe discovery in the Celtic Sea, close to our acreage, has proven large scale commercial oil finds exist in the Celtic Sea and through the Mizzen Basin and Molly Malone Basin, we are confident that substantial reservoir structures exist. Some members of the Fastnet team, including Paul Griffiths, carried out exploratory work on the Mizzen Basin in the early 1990's and they believe it is one of the greatest unexplored structures in the Celtic Sea. The Molly Malone Basin has had little to no exploration to date, as for decades it sat adjacent to the international median boundary line between the UK and Ireland, which has only recently been clarified; giving Fastnet a huge opportunity.

"We look forward to progressing the work programmes across the licence area, as we seek to mature the prospects to drill ready status and I look forward to updating shareholders on developments as appropriate."

from Investors Chronicle >>>>>>>>>>>>

More action offshore Ireland

Three junior oil explorers have outlined huge new targets offshore Ireland, causing shares of one company to rise more than 350 per cent in a day

The hunt for Irish oil continues, with three junior oil explorers outlining huge new targets at their prospective licences offshore Ireland.

Dublin-based minnow Petrel Resources (PET), formed in the last big Irish oil rush during the early 1980s, returned to the area in 2011 and has since carried out detailed seismic analysis of its licences in the Irish Atlantic Margin. The work culminated this week in the delineation of a target called Quad 35, which has 1bn barrel potential, comprising a number of vertically stacked reservoir targets that can be tested with one well. Shares of Petrel soared 362 per cent on the day of the announcement, from 6.4p to 30p, although they have since levelled off at 20.5p.

Meanwhile, Providence Resources (PVR), the big boy in Irish waters in terms of junior exploration companies, released a similar announcement on the same day as Petrel, although its shares added just 1 per cent. Investors are instead focused mainly on the company's exciting 2013 drill program, which kicks off in the first quarter. Nevertheless, Providence has outlined yet another huge target in the Porcupine Basin of the Irish Atlantic Margin, this time at its Drombeg licence. Based on a 2D seismic anomaly, Providence says the prospect could contain as much as 2.97bn barrels of oil in place.

Lastly, Fastnet Oil & Gas (FAST), run by high-profile ex-Cove Energy executives, announced it is optioning an 82.35 per cent interest in the Shanagarry licence east of Providence's Barryroe oil field. The company did not release estimates of potential prospect sizes but said a well drilled there by Marathon Oil in 1984 found a combined 500-foot gross oil and gas column.

IC VIEW:
We decided to book profits on our long-term successful buy tip Providence earlier this summer, but will look to re-enter the stock over the coming months. We last profiled Petrel as a stock to watch in our special on Irish oil on 19 October, and now rate both it and Fastnet as speculative buys.

Fastnet Oil & Gas an exciting explorer in the making, says finnCap
10:27 am by Jamie AshcroftIt is expected that the first well will be drilled in Morocco, while drilling is likely to start in 2014 on the Irish assets.



Fastnet Oil & Gas (LON:FAST) has a platform to build an exciting exploration company, according to City broker finnCap.

In a note to clients today analyst Will Arnstein said Fastnet now has three distinct legs of the business in place which provide exposure to high impact acreage in Morocco and Ireland.

“The near-term focus is on de-risking a number of material prospects identified in each of these areas ahead of drilling the first exploration wells in the second half of 2013,” Arnstein said.

Arnstein says it is expected that the first well will be drilled in Morocco, while drilling is likely to start in 2014 on the Irish assets.

“As an early-stage exploration company, the underlying investment case for Fastnet is in the track record, technical skills and relationships of the management team,” he said.

“The capture of the Foum Assaka acreage, which we rate highly, is a prime example of this, while by partnering with Kosmos, Fastnet gains valuable ‘knowhow’ in the primary play.

“Furthermore, these relationships should help identify new opportunities that may add considerable value over time, but are not possible to quantify today.”

MIDAS SHARE TIPS: Oil and gas group Fastnet aims to deliver rapid threefold share price rise



By Joanne Hart, Financial Mail On Sunday

PUBLISHED:22:31, 5 January 2013| UPDATED:22:31, 5 January

Stock markets tend to look on the bright side at the beginning of a new year and so it has proved in 2013.


Brokers are hoping that the British economy will grow faster this year than last, that the eurozone will finally begin to recover and that the rest of the world will move at a livelier pace than in recent months.


While there is a more optimistic feeling in the City than in January 2012, concerns remain.


With that in mind, Midas has selected three top tips for 2013 that should generate superior returns for investors, even if economic growth remains sluggish.


Venture: Fastnet wants a partner

Our first tip is Fastnet Oil and Gas, a junior exploration company whose explicit intention is to deliver rapid results for shareholders.


The shares are 221⁄4p and the board believes the price could triple over the coming year. In most cases, such assertions would be met with scepticism, but the Fastnet team inspires confidence.


The company’s founders include three of the leading directors at Cove Energy – John Craven, Michael Nolan and Stephen Staley. Cove was another junior oil play, set up in 2009 and sold for £1.2billion last year to PTT of Thailand.


Now the trio aim to repeat the experience at Fastnet, aided by chairman Cathal Friel, a highly successful banker with 25 years’ experience advising companies, and Carol Law, who has spent her career in oil exploration, most recently at American oil giant Anardarko Petroleum Corporation.






More...
MIDAS SHARE TIPS: Property developer Segro has tempting yield
MIDAS SHARE TIPS: Biotech minnow Avacta set to reap rewards from animal blood test kits


Fastnet is focusing initially on Morocco and the Celtic Sea and it already has substantial assets in both areas. Unlike many junior oil companies, Fastnet intends to concentrate on exploration, seeking out early signs of promise rather than covering everything from discovery to production.


In Morocco, for example, it has already formed a joint venture with US oil group Kosmos Energy, which will be responsible for financing a large proportion of the development costs.


Fastnet will participate but it will not take on the entire burden itself. In this way, the group hopes to generate value for shareholders without constantly returning to the market for cash.


The same policy is being pursued in Ireland, where the company has licences over a substantial area in the Celtic Sea and is actively seeking a larger partner to further assess these assets. In the meantime, the company is fully funded for 2013 and expects to deliver a series of encouraging news updates over the next few months.


Midas verdict: Small oil and gas companies always carry an element of risk but the Fastnet board seems sensible, focused and determined to succeed. At 221⁄4p, the shares should go far. Even the ticker symbol bodes well. Buy.

Good climb today with the midas share tip on the weekend

Looks to me to have interesting potential, as Providence Resources ( PVR ) have
found oil in Celtic Sea and Fastnet I understand have three areas in the Celtic Sea,
so are an obvious attraction.
Fastnet does not seem to have exploration in other countries, apart from Morocco.
Fastnet market capitalisation is still small - about 70 million £, compared to Providence.

I think any drilling in Celtic Sea areas may not happen until ?? 2014 so there does not
seem to be any hurry to buy into the shares before serious action gets underway.
I suggest the share prices may drop back to levels nearer to where they were before
the Midas new year share tip, over the coming few months, and could perhaps be
bought at 22p or thereabouts.

I agree the tip seems to be the reason for the recent rise.

These Midas tips are well worth investing in.

Good rise again today.

HNY Dreamcatcher.

I recon you have the "MIDAS Touch"! ...........Well done you.

I was tempted when I first read the Mail write-up, followed by your thoughts. But, in the end, I went with QPP?

Gerponville18

Thanks DC, please keep us posted of the midas tips!

I have found them great . Will do.

A welcome 6% rise

3D Seismic Contract Award
RNS
RNS Number : 0485Y
Fastnet Oil & Gas PLC
18 February 2013



18 February 2013

Fastnet Oil & Gas Plc

("Fastnet" or the "Company")

FASTNET ANNOUNCES SUCCESSFUL BIDDER FOR 3D SEISMIC ACQUISITION

IN THE CELTIC SEA



Highlights



§ CGG selected as preferred seismic contractor for 3D seismic acquisition in the Celtic Sea



§ Seismic acquisition to commence in Q2 2013, committed over a total of 1,285 sq. Km.



Fastnet ("Fastnet" or the "Company") (AIM: FAST, ESM: FOI) the listed E&P company focused on near term exploration acreage in the Celtic Sea and Morocco, is pleased to announce that it has executed a Letter of Intent, subject to contract, with CGG as its preferred seismic contractor for 3D seismic acquisition in the Celtic Sea beginning in Q2 2013.



Fastnet will be acquiring two firm surveys totalling 1,285 sq. km. of 3D seismic over its portfolio of Celtic Sea assets and will have flexibility to accommodate up to two additional contingent surveys over an area of 912 sq. km. in 2013. A final agreement is expected to be executed by the parties shortly and a further announcement will be made accordingly.



SLR have been engaged to carry out an environmental assessment.



Cathal Friel, Chairman of Fastnet, said:



"We are pleased to have taken this first step towards de-risking our exciting exploration portfolio offshore Ireland through the acquisition of modern 3D seismic data. The value of 3D seismic has been demonstrated in our other core area offshore Morocco, where the existence of an extensive 3D seismic database has been the catalyst recently for a number of value-creating industry farmins and acquisitions. We anticipate that the commitment to 3D seismic acquisition by Fastnet in the Celtic Sea will have a similar impact on our ability to attract larger oil companies to partner with us to help unlock the potential of our materially significant prospects and leads."

I sit on my terrace today in sunny Benidorm, with my Phillipino partner making breakfast for us, and contemplate my next trade.

I want to buy into Fastnet but will continue to wait for a market downturn.
I have read that some think the price of crude may drop back towards the middle of this year as more supplies come on stream ??
I can afford to wait for a while for a better price with Fastnet.

Also waiting to see what happens with Afren and Sterling Energy, on and off
shore Madagascar this year.
I think some interesting drilling may start around here soon perhaps with major partners.

Fastnet Oil & Gas (LON:FAST) – First Step to Drilling…: Fastnet’s announcement today details the appointment of CGG to complete the 3D seismic acquisition over its acreage in the Celtic Sea, news which presages the start of the exploration programme that will culminate, most likely, in a farmout and ultimately drilling.

In this news:

• CGG selected as preferred seismic contractor for 3D seismic acquisition in the Celtic Sea

• Seismic acquisition to commence in Q2 2013, committed over a total of 1,285km2.

Deep Kinsale Prospect Farm-In
RNS
RNS Number : 3432Y
Fastnet Oil & Gas PLC
21 February 2013



21 February 2013

Fastnet Oil & Gas plc

("Fastnet" or the "Company")



FASTNET EXECUTES EXCLUSIVE OPTION AGREEMENT TO FARM INTO THE "DEEP KINSALE PROSPECT" BENEATH THE KINSALE HEAD GAS FIELD



Highlights



§ Exclusive option agreed with PSE Kinsale Energy Limited ("Kinsale Energy") to farm into the "Deep Kinsale Prospect" beneath the producing Kinsale Head gas field



§ Minimum of 500 sq. km. 3D seismic to be acquired in 2013



§ Potential to drill in 2014 to earn 60% working interest (reducing to a minimum of 40% should Kinsale Energy exercise certain back-in rights)



§ Deep Kinsale Prospect geologically similar to and on trend with Barryroe (Purbecko-Wealden reservoirs)



§ Strategy to build a material portfolio of Purbecko-Wealden prospective structures now complete - Deep Kinsale, Mizzen, Shanagarry and 49/13



Fastnet (AIM: FAST, ESM: FOI) the listed E&P company focused on near term exploration acreage in the Celtic Sea and Morocco, is pleased to announce that it has executed an exclusive option agreement (the "Agreement") with Kinsale Energy, a wholly owned subsidiary of PETRONAS, to farm into the "Deep Kinsale Prospect" from 4,000 feet subsea below the producing Kinsale Head gas field defined by a sub-area (the "Deep Kinsale Sub-Area) of Petroleum Lease No. 1 (see map of the area on the Company's website: www.fastnetoilandgas.com/go/operations/ireland).



The key terms of the Agreement are as follows:



· Deep Kinsale Sub-Area covers parts of Blocks 48/20, 48/25, 49/16 and 49/21;

· Exclusive option confined to geological formations below 4,000 feet subsea;

· Fastnet to acquire a minimum of 500 sq. km. of 3D seismic by 31 December 2013 and to complete geological and engineering studies;

· Fastnet to have an exclusive option to farm in, exercisable before 30 September 2014, by commencing a well ("Farm-in Well") on or before 30 November 2015 to test the Purbecko-Wealden reservoirs, productive in Barryroe;

· The Farm-in Well to be drilled to a provisional depth of 8,000 feet subsea;

· Upon completion and, if warranted, testing of the Farm-in Well Fastnet will earn a 60% working interest in the Deep Kinsale Sub-Area by funding 100% of all drilling and testing costs;

· Kinsale Energy shall have the back-in option, exercisable at its discretion within a period of 30 Business Days of completion by Fastnet of the exercise of the Option, to increase its interest in the Kinsale Deep Sub-Area by 10%, by paying for 16.667% of the drilling and testing costs of the Farmin Well; and

· If there is a commercial development, Kinsale Energy shall have the option to increase its working interest for no consideration, by 5% once production exceeds 100 million barrels oil equivalent ("MMBOE"), by a further 5% once production exceeds 150 MMBOE oil equivalent and by a further 5% once production exceeds 200 MMBOE subject to the Kinsale Energy's working interest not exceeding 60% in aggregate.



The assignment of working interest in the Deep Kinsale Sub-Area following completion of the Farmin Well is subject to the consent of the Minister for Communications, Energy and Natural Resources.



About the Deep Kinsale Prospect



In 1970 Marathon Petroleum Company (Ireland) Ltd drilled the 48/25-1 well at Kinsale Head, the first well in the North Celtic Sea Basin. Subsequently in 1972 the 48/25-2 and 48/20-1a wells were drilled to appraise the Kinsale Head structure updip from 48/25-1 at the shallow Greensand reservoir level. This led to the discovery of the Kinsale Head gas field, which came on stream in 1978.



Recent studies by Fastnet in the Mizzen and Shanagarry Licensing Options have provided the Board with a better regional understanding of the structural and stratigraphic controls governing the distribution of the Purbecko-Wealden oil-bearing reservoir sequences which have allowed Fastnet to develop a regional play concept.



Fastnet intend to acquire a minimum of 500 sq. km. of 3D seismic over the Kinsale Head area in the first half of 2013 and has selected CGG as its preferred seismic contractor for 3D seismic acquisition in the Celtic Sea, as announced on 18th February 2013. This will be the first 3D survey over Kinsale Head to target the deeper oil and gas potential of the Kinsale Head structure. The intention is to de-risk the deep structure through potentially better seismic imaging of both the structure and potential variations in reservoir thickness and quality.



Cathal Friel, Chairman of Fastnet said:



"We are delighted to have added an exclusive option to farm into and potentially drill the Deep Kinsale Prospect in 2014. It represents an attractive addition to our Irish portfolio as we have long held a belief that Deep Kinsale offers the potential to yield up another significant hydrocarbon discovery offshore Ireland. This belief has been further strengthened by the successful appraisal of Barryroe in 2012, which is geologically analogous to Deep Kinsale. We greatly look forward to working in close cooperation with our colleagues at Kinsale Energy, as we collectively seek to de-risk the prospect for drilling."

Fastnet Oil beefs up Celtic Sea portfolio with Kinsale Head option
7:58 am by Philip WhiterowThe Deep Kinsale acreage is geologically similar to Provident Resource’s Barryroe discovery, said Fastnet.

Fastnet Oil & Gas (LON:FAST) has beefed up its portfolio in the Celtic Sea with a farm-in deal for a prospect beneath the producing Kinsale Head gas field.

The Deep Kinsale acreage is geologically similar and near to Providence Resource’s Barryroe discovery, said Fastnet.

Cathal Friel, Fastnet’s chairman, added that its management had long held the belief that Deep Kinsale had the potential to yield up another significant hydrocarbon discovery.

“This belief has been further strengthened by the successful appraisal of Barryroe in 2012, which is geologically analogous to Deep Kinsale,” he added.

The option, signed with Kinsale Energy, a subsidiary of Malaysian oil firm Petronas, gives Fastnet the right to earn a 60% working interest in Deep Kinsale below 4,000 feet subsea,though Kinsale Energy can claw this back to 40%.

Fastnet will acquire a minimum of 500 sq km of 3D seismic data by the end of 2013 and have an exclusive option to drill a farm-in well.

This work will test the Purbecko-Wealden reservoirs, which were productive in nearby Barryroe.

Fastnet will use CGG as its preferred seismic contractor. CGG had already been appointed to carry out seismic on Fastnet’s existing 1,285 sq km acreage in the Celtic Sea.

The seismic at Deep Kinsale will be the first 3D survey over Kinsale Head to target the deeper oil and gas potential of the structure.

“The intention is to de-risk the deep structure through potentially better seismic imaging of both the structure and potential variations in reservoir thickness and quality,” Fastnet said.

It will make a decision to participate in a farm-in well before 30 September 2014 and earn a 60% working interest by funding 100% of the cost of drilling and testing to a provisional depth of 8,000ft.

Broker Finncap added it understands the prospect has considerable potential for oil.

“Our view is this is an exciting opportunity that, while early stage, has considerable hydrocarbon potential and enhances the attraction of Fastnet’s Celtic Sea acreage,” said the broker.

Fastnet Oil & Gas trailed Deep Kinsale for 15 months
11:19 am by Proactive InvestorsFastnet trailed Deep Kinsale for some 15 months



Fastnet Oil & Gas (LON:FAST) MD Paul Griffiths explains why the oil explorer was so keen to snap up the Deep Kinsale acreage in the Celtic Sea.



How long has Fastnet been interested in Deep Kinsale?

Fastnet has been negotiating with Kinsale Energy and PETRONAS for some 15 months to acquire this option and we are therefore very pleased to have secured it following our earlier announcement this week that we have selected CGG for the largest 3D seismic programme ever to be acquired in the Celtic Sea.

When will work begin?

We anticipate that we will acquire 3D seismic over the Deep Kinsale Prospect during Q2 2013 in order to maximise the opportunity to drill possibly as early as 2014. It is important to emphasise that this will be the first large, exploration-focused 3D seismic survey ever shot over the Kinsale Petroleum Lease Area.

What is the potential at Deep Kinsale?

Success at Barryroe in 2012 has confirmed the potential for a viable oil development beneath the smaller producing Seven Heads gas field.

How does this fit with Fastnet’s growth plans?

Fastnet’s strategy over the past 12 months has been to secure a portfolio of large exploration prospects of sufficient materiality to attract an industry player of substance capable of developing any large oil or gas field.

Will Deep Kinsale appeal to a major?

We believe that Deep Kinsale now significantly strengthens our Celtic Sea portfolio as, with Shanagarry, it provides exceptional “running room” for a large oil and gas corporation to play “trendology” following the success at Barryroe.

How does this affect Fastnet?

This, combined with the fact that we are securing a 3D seismic vessel through CGG, places Fastnet in a strong position to potentially secure a partner for a two-stage farmout designed to chase a proven hydrocarbon play in the Celtic Sea and support a multi-well drilling programme that could commence as early as 2014.

Are there any other benefits?

Fastnet is particularly pleased to have begun to establish an exploration-focused working relationship with Kinsale Energy and PETRONAS that builds upon our core strengths of early recognition of the exploration opportunity; management skills in deal negotiation and execution; and an experienced technical team capable of moving rapidly to sufficiently de-risk our exploration objectives to a level necessary to attract suitable drilling partners.

Fastnet Oil & Gas 3D Seismic and Farm-Out
RNS
RNS Number : 2839A
Fastnet Oil & Gas PLC
19 March 2013



19 March 2013

Fastnet Oil & Gas plc

("Fastnet" or the "Company")



FASTNET ANNOUNCES SIGNING OF CONTRACT FOR 3D SEISMIC ACQUISITION IN THE CELTIC SEA AND COMMENCEMENT OF FARM-OUT PROCESS



Highlights



§ Seismic contract with CGG executed to acquire 1,710 km2 of 3D seismic - the largest ever 3D seismic programme in the Celtic Sea



§ Acquisition using the SR/V Vantage vessel ("SR/V Vantage") to commence in mid-April 2013: approximate duration of programme is 50 days



§ Value of contract award is up to US$18 million, depending on weather and standby downtime



§ 3D seismic should de-risk and mature prospective structures for early drilling



§ Farm-out process over Celtic Sea assets has been initiated and initial expressions of interest received; intention for potential farminees to meet an appropriate portion of the 3D costs



Further to the announcement of 18 February 2013, Fastnet (AIM: FAST, ESM: FOI), the listed E&P company focused on near term exploration acreage in the Celtic Sea and Morocco, is pleased to announce that it has executed a seismic contract with CGG to acquire, using the SR/V Vantage, 1,710 sq. km. of 3D seismic in the Celtic Sea beginning in mid-April 2013. The total value of the programme is up to US$18 million. The programme is likely to last for approximately 50 days, depending on weather and standby time.



510 Km2 of 3D seismic will first be acquired over the "Deep Kinsale Prospect" beneath the producing Kinsale Head gas field. Seismic operations will include an undershoot of the Kinsale Alpha and Bravo platforms, which are protected by a 500 meter safety exclusion zone. This will require, under the existing seismic contract, mobilising a second 3D seismic vessel for a short period of time during the acquisition of the data by the SR/V Vantage. The geological target will be the same reservoir section that has been successfully tested at Barryroe by the 48/24-10z appraisal well.



1,200 sq. km. of 3D seismic will then be acquired over Licensing Option 12/3 ("Mizzen") and adjoining areas. Several large structures have been identified on existing 2D seismic data that are prospective for Triassic, Jurassic and Lower Cretaceous reservoir targets.



The 3D seismic surveys are the largest ever to be undertaken in the Celtic Sea.



There is flexibility to accommodate up to two additional contingent 3D seismic surveys over other acreage subject to the level of interest from potential farminees.



A farm-out process has commenced and initial expressions of interest have already been received from a range of multi-nationals, mid-caps and small-caps.



Paul Griffiths, Managing Director of Fastnet, said:



"This is the first large-scale 3D seismic programme to be acquired in this part of offshore Ireland. Whilst we are targeting proven hydrocarbon systems around the Kinsale and Barryroe fields, we are also evaluating a prospective part of the Celtic Sea Basin covering approximately 4,250 km2 that has seen only one well drilled in 1975 by Esso, which encountered oil shows. 3D seismic is the first step to creating material, "drill ready" prospects.



"Even at this very early stage in the farm-out process we are very encouraged by the level of interest being shown by a broad spectrum of companies and, despite our cash position of c.US$35 million, it is our intention that any partner would pay an appropriate proportion of the costs of this large seismic survey."



Ends

Watch Paul Griffiths, MD of Fastnet Oil & Gas - Building on Barryroe.

Click here to watch video