Fastnet on track with farm-out of Celtic sea assets

FIONA REDDAN

Exploration firm Fastnet is set to complete its discussions with international oil and gas companies over the summer in relation to its farm-out activities of its Celtic Sea assets.

In an update to investors this morning, the Dublin listed oil and gas exploration company said that following the acquisition of 500 sq km of 3D seismic data over Deep Kinsale, announced on May 22nd, it expects its overall seismic programme to be completed by end of June, at a cost of $18 million (€ 13.8m). Preliminary results are expected to be available from September 2013, followed by final processing of data in December.

Fastnet is also focused on near term exploration acreage in Morocco, and the company said that its wholly-owned subsidiary, Pathfinder Hydrocarbon Ventures Limited, has agreed to farm into, subject to regulatory approvals, eight highly prospective exploration blocks comprising the Tendrara Lakbir Petroleum Agreement onshore Morocco. It expects the drilling of an appraisal/pre-development well in the first quarter of 2014 at a cost of approximately $7 million, following which the company’s gross interest in the licence area will be 50 per cent.

The company has also commenced a farm-out process in relation to its 18.75 per cent net interest in the Foum Assaka exploration licence in the Agadir Basin, offshore Morocco.

The exploration company this morning said that based on its “overall work programme commitments, funding obligations and a successful outcome to its on-going farm-out discussions Celtic Sea” its expectation is that it is fully funded for the next 12 months.