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/
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.
Source: Fastnet Oil & Gas plc
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today