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Fastnet gears up for Celtic Sea tests

Monday, February 18 10:11:40

Irish oil and gas exploration and production fir, Fastnet, today said it has signed a contract with a seismic testing firm for its Celtic Sea licence.

It said 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, it said.

SLR have been engaged to carry out an environmental assessment.

"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," Cathal Friel, Chairman of Fastnet, said.